Banks are expected to work with borrowers to make their mortgages payable.
If all 3,000 clients ended with mortgages payable to the firm, Mr. Ticktin said, "that would be wonderful, but realistically I'm expecting fewer".
This should give you records for accounts receivable, inventory, marketable securities, real estate, machinery and equipment, accounts payable, accrued liabilities, notes payable and mortgages payable.
Each point is equal to 1% of the mortgage amount, payable at or before closing.
Long-term liabilities include: long-term notes and mortgages, bonds payable, and pension plan obligations.
That consists of 2percentt of the value of the property (in this case $4,000) for a one-time mortgage insurance premium payable to the Department of Housing and Urban Development, another 2percentt for the lender's origination fee and about $2,400 for the array of closing costs, including title search, appraisal, recording fee and attorneys' fees.
The payments immediately stopped and the mortgage became due and payable.
There already deals where future rate cuts have been factored in, such as GMAC's two-year fixed rate mortgage which has a payable rate of 4.99%.
This new round of relief for the unneedy, like the previous three, is to be financed (though the President didn't mention this part) by confiscating the Social Security "trust fund," curtailing federal activities that benefit society at large, and borrowing more trillions — taking out a fourth mortgage on the future, payable to foreign creditors.
