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In finance, being short in an asset means investing in such a way that the investor will profit if the value of the asset falls. This is the opposite of a more conventional "long" position, where the investor will profit if the value of the asset rises.
A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan. Hypothec is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien.
A payday loan is a short-term unsecured loan, often characterized by high interest rates.
The Garn–St Germain Depository Institutions Act of 1982 is an Act of Congress that deregulated savings and loan associations and allowed banks to provide adjustable-rate mortgage loans. It is disputed whether the act was a mitigating or contributing factor in the savings and loan crisis of the late 1980s.
A bill of sale is a document that transfers ownership of goods from one person to another. It is used in situations where the former owner transfers possession of the goods to a new owner. Bills of sale may be used in a wide variety of transactions: people can sell their goods, exchange them, give them as gifts or mortgage them to get a loan. They can only be used:
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses.
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In finance, securities lending or stock lending refers to the lending of securities by one party to another.
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan.
A secured loan is a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to regain some or all of the amount originally loaned to the borrower. An example is the foreclosure of a home. From the creditor's perspective, that is a category of debt in which a lender has been granted a portion of the bundle of rights to specified property. If the sale of the collateral does not raise enough money to pay off the debt, the creditor can often obtain a deficiency judgment against the borrower for the remaining amount.
Mortgage insurance is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer. The policy is also known as a mortgage indemnity guarantee (MIG), particularly in the UK.
Chattel mortgage, sometimes abbreviated CM, is the legal term for a type of loan contract used in some states with legal systems derived from English law.
A title loan is a type of secured loan where borrowers can use their vehicle title as collateral. Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for a loan amount. When the loan is repaid, the lien is removed and the car title is returned to its owner. If the borrower defaults on their payments then the lender is liable to repossess the vehicle and sell it to repay the borrowers’ outstanding debt.
A mortgage loan or simply mortgage, in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".
The Community Financial Services Association of America (CFSA) is a trade association representing the payday lending industry.
Regulatory responses to the subprime crisis addresses various actions taken by governments around the world to address the effects of the subprime mortgage crisis.
A payday loan is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday." The loans are also sometimes referred to as "cash advances," though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely between different countries and, within the United States, between different states.
The Small Business Commissioner was established by the UK government in the Enterprise Act of 2016. Secretary of State for Business Greg Clark announced the appointment of Paul Uppal to the newly established post of Small Business Commissioner on 2 October 2017. On 20 December 2017, working with digital agency "dxw digital", an advice and complaints service was launched to help small businesses get paid on time and ensure fair payment practices.
References
- ↑ "Logbook loans | MoneyHelper".
- ↑ Jone, Robert. "Logbook Loans". USAWebCash. Retrieved 5 September 2016.
- ↑ "MLR3C2126 - Legislation: Log Book Loans". HM Revenue & Customs. Crown. Retrieved 1 August 2014.
- ↑ "Bills of Sale Act (1878) Amendment Act 1882". legislation.gov.uk. Retrieved 5 September 2016.
- ↑ https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/31481/a_20better_20deal_20for_20consumers_20consultation_20on_20proposals_20to_20ban_20the_20use_20of_20bills_20of_20sale_20for_20consumer_20lending.pdf [ bare URL PDF ]
- ↑ https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/31484/11-516-government-response-proposal-ban-bills-of-sale.pdf [ bare URL PDF ]
- ↑ https://www.ccta.co.uk/wp-content/uploads/2016/06/Bills-of-Sale-Code-of-Practice-consumer.pdf [ bare URL PDF ]
- ↑ "Bills of Sale | Law Commission".
- ↑ From Bills of Sale to Goods Mortgages (PDF). Law Commission (Report). House of Commons. 23 November 2017. ISBN 978-1-5286-0110-8. HC 495/Law Com No 376. Retrieved 20 August 2018.
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