Mortgage
From The Art and Popular Culture Encyclopedia
(Difference between revisions)
| Revision as of 19:48, 26 April 2009 Jahsonic (Talk | contribs) ← Previous diff |
Current revision Jahsonic (Talk | contribs) |
||
| Line 2: | Line 2: | ||
| *''[[world economy]]'' | *''[[world economy]]'' | ||
| - | In 2008–2009 much of the [[industrialized world]] entered into a deep [[recession]] sparked by a [[Financial crisis of 2007–2009|financial crisis]] that had its origins in [[reckless]] [[subprime mortgage crisis|lending practices]] involving the origination and distribution of [[mortgage]] [[debt]] in the [[United States]]. | + | A special form of [[secured loan]] where the purpose of the loan must be specified to the [[lender]], to purchase assets that must be fixed (not movable) property such as a house or piece of farm land. The assets are registered as the legal property of the [[borrower]] but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be [[unencumbered]]. |
| {{GFDL}} | {{GFDL}} | ||
Current revision
|
Related e |
|
Featured: |
A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.
Unless indicated otherwise, the text in this article is either based on Wikipedia article "Mortgage" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on research by Jahsonic and friends. See Art and Popular Culture's copyright notice.
