Solved

Match Each Key Term or Concept with a Definition

Question 7

Matching

Match each key term or concept with a definition.

Premises:
The consumer practice of paying credit card bills before making mortgage payments
The process of repossessing a home from a homeowner
The practice of charging excessively high interest rates
A law that sets maximum acceptable rates of interest
An action that a lender may take when a foreclosure does not generate enough money to pay off a mortgage loan
A short-term loan made at a high rate of interest
A loan balance that is larger than the value of the asset for which the loan was made
A loan made for the purpose of buying a home
Responses:
deficiency judgment
strategic default
payday loan
usury
foreclosure
negative equity
usury law
mortgage

Correct Answer:

The consumer practice of paying credit card bills before making mortgage payments
The process of repossessing a home from a homeowner
The practice of charging excessively high interest rates
A law that sets maximum acceptable rates of interest
An action that a lender may take when a foreclosure does not generate enough money to pay off a mortgage loan
A short-term loan made at a high rate of interest
A loan balance that is larger than the value of the asset for which the loan was made
A loan made for the purpose of buying a home
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