William Marolf obtains a 5 million EUR mortgage loan from Bank Nederlandse. A year later the principal on the loan is 4 million EUR and Marolf defaults on the loan. Bank Nederlandse forecloses, sells the property for 2.5 million EUR, and is entitled to collect the shortfall, 1.5 million EUR, from Marolf. Marolf most likely had a:
A. bullet loan.
B. recourse loan.
C. non-recourse loan
Ans: B. recourse loan.
Business
You might also like to view...
________ is a period of rapid market acceptance and substantial profit improvement
A) Stagnancy B) Introduction C) Maturity D) Decline E) Growth
Business
Which one of the following is currently imposing the largest rate of tax increases on ` an employee's pay?
(a) indexing of income tax rates (b) Social Security tax rates and earnings base (c) capital gains taxes (d) increase in Workers' Compensation taxes
Business