Mortgage, loan and property. What is a mortgage?

A mortgage is putting a property as a guarantee to a lender as a security for a mortgage loan.

While a mortgage in itself is not a liability or a dept, it is evidence of a debt. It is a transfer of an interest in property, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the property when the terms of the mortgage have been satisfied or concluded.

In other words, the mortgage is a guarantee for the loan that the lender makes to the borrower. In all but a very few states, a mortgage creates a lien on the title to the mortgaged property.

Tuesday, October 7, 2008

Financial crisis: Bush calls for patience until the effects of the plan start

Responding to plummeting economy around the world, George W. Bush estimated Monday that it would take "some time" for the rescue of the U.S. financial system to bear fruits.

The U.S. president, traveling to San Antonio, Texas, explained that the $ 700 billion plan passed by Congress and enacted Friday aimed at unblocking the credit crisis and make new move money would take time. "We do not want to rush” he added. "It will take a little time" before the plan is fully implemented and in full action.

Fervent advocate of liberalism, Mr. Bush has assured that the U.S. government intervention was necessary because otherwise the U.S. economy would be "much worse".

Between you, my readers, and me, wtf is he talking about! Take time! The banks made billions out of our pockets and now... they want to make more billions out of our pockets. Be patient? Bull shit!

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