They were the fault of the lender, the borrower, and the regulator.
If you cancel a $200,000 mortgage, that's treated as $200,000 worth of income to the borrower.
After getting burned badly in the housing crash, most lenders now check everything on a borrower's loan application.
The borrower loses credibility, respect, and the ability to participate in the market in the future.
For a borrower, these notes add up to a loan, which they then have to pay back over the term.
Youve confessed to us that you thought you were in a bad hole, which is a poor argument for a borrower to bring forward.
That he was a borrower proved that he had nothing which could form a property security.
So far as the borrower is concerned, these mortgages are no different from any other similar method of financing.
This proverb does not confine the evil to the borrower like the proverb, "The borrower is servant to the lender."
The granting of credit is an exchange of the rights of the creditor for rights to the future income of the borrower.
Old English borgian "to lend, be surety for," from Proto-Germanic *borg "pledge" (cf. Old English borg "pledge, security, bail, debt," Old Norse borga "to become bail for, guarantee," Middle Dutch borghen "to protect, guarantee," Old High German boragen "to beware of," German borgen "to borrow; to lend"), from PIE *bhergh- "to hide, protect" (see bury). Sense shifted in Old English to "borrow," apparently on the notion of collateral deposited as security for something borrowed. Related: Borrowed; borrowing.