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.

Monday, April 6, 2009

United States: the highest rate of unemployment in 26 years

Loss of 663 000 jobs!

U.S. employers have laid off 663 000 individuals in March, which pushed the unemployment rate to 8.5%, the highest rate since 1983, announced the Department of Labor Friday.

The number of job losses is slightly higher than what was expected by economists, which projected 660 000 job losses.

The unemployment rate, which increased by 0.4% compared to February, is also in line with expectations.

The Labor Department also revised data for January. Job losses for the first month of the year amounted to 741 000, which constitutes the largest loss of jobs in one month since October 1949.

The decline in employment for February remained the same at 651 000 jobs.

Since the beginning of the recession in December 2007, the U.S. economy has destroyed 5.1 million jobs, of which about two-thirds since the last five months.

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