Traduction de «assurance mixte pour remboursement d'hypothèques » (Français → Anglais) :

(2) Notwithstanding anything to the contrary in this Act if the settler fails or neglects to pay any lawful rates, taxes or assessments or to keep such property insured as aforesaid then it shall be lawful for the Board to pay such rates, taxes or assessments or to insure such property as aforesaid and all moneys so expended by the Board either before or after the enactment hereof, shall be repaid by the settler on demand with interest at the rate of five per centum per annum computed from the time of advancing the same, and in the meantime the amount of such payment shall be added to the purchase price of such property or shall become a part of the principal secured by any charge, lien or mortgage in ...[+++]favour of the Board, as the case may be, and may in the discretion of the Board be made repayable at the time appointed for the payment of the next instalment in connection with the account to which such indebtedness is charged.

(2) Notwithstanding anything to the contrary in this Act if the settler fails or neglects to pay any lawful rates, taxes or assessments or to keep such property insured as aforesaid then it shall be lawful for the Board to pay such rates, taxes or assessments or to insure such property as aforesaid and all moneys so expended by the Board either before or after the enactment hereof, shall be repaid by the settler on demand with interest at the rate of five per centum per annum computed from the time of advancing the same, and in the meantime the amount of such payment shall be added to the purchase price of such property or shall become a part of the principal secured by any charge, lien or mortgage in ...[+++]favour of the Board, as the case may be, and may in the discretion of the Board be made repayable at the time appointed for the payment of the next instalment in connection with the account to which such indebtedness is charged.

They turned their mortgage system into a social program over a 30 year period, during which the government first invented sub-prime mortgages, encouraged banks to offer them, ensured those mortgages through Freddie Mac and Fannie Mae and then, ultimately, compelled by force of law financial institutions to provide those sub-prime mortgages to literally millions of Americans who could never dream of repaying them.

This asset may be part of the general portfolio of assets of an insurance company but, in the event of failure to make the mortgage repayments, the creditor would have an over-riding right to the asset, in this case the property.

Members may also be reimbursed mortgage related costs such as discharge fees, mortgage penalties and Canada Mortgage and Housing Corporation default insurance premiums, where such insurance is required by law.