Commerce Minister Lianne Dalziel has written to two financiers who funded Blue Chip victims, urging them not to put the investors' homes up for mortgagee sale.
She wrote to GE Finance and the local representative of Australian-based Challenger Financial Services on August 29.
GE Finance is due tomeet the minister to discuss the issue on Wednesday.
Blue Chip investors took out mortgages, backed by the financiers, using equity in their homes to buy investment properties.
With the collapse of the scheme, investors have been left in a variety of dire circumstances. Many are pensioners and the rental income from their investment property does not cover their mortgage. In the worst cases, the investment property never materialised and the investors' deposits vanished.
Financial lobby group EUFA has claimed that around three dozen Property Law Act notices - the final step before a mortgagee sale - have been issued to Blue Chip investors. However, no one has so far been turned out of their home, it says. Ms Dalziel told the finance companies there were serious allegations to be addressed in relation to Blue Chip's business activities and the Serious Fraud Office and liquidator Meltzer Mason Heath were investigating.
These included claims that investors were asked to sign blank loan application documents.
Retired Blue Chip investors have said they were horrified to discover that their occupation had been written down as "self-employed", allowing them to qualify for loans they should never have been given.
The minister has no power to force GE or Challenger to do anything, but has appealed to their better nature, a spokesman said.
GE Finance spokesman Jeff Lynch said the company was acutely aware of the financial difficulties being experienced by victims of the Blue Chip collapse and was being flexible.
A spokeswoman for Challenger said it had put a one-month moratorium on any action in relation to Blue Chip investors and was already dealing with hardship applications from some.
