Home equity loans are popular with finance companies. Which one of the following statements about home equity loans is not correct?
A) These loans allow customers to borrow on a line of credit secured with a second mortgage.
B) Interest payments on home equity loans are not tax deductible.
C) Bad debt expenses on home equity loans are lower than on many other types of finance company loans.
D) The average outstanding balance on home equity loans was $85,472 in 2007.
E) If the borrower defaults on the home equity loan,the finance company can seize the house.
Correct Answer:
Verified
Q21: Factoring is
A)equipment leasing.
B)servicing mortgage factors.
C)purchasing corporate accounts
Q24: In 2013,_ had on average the greatest
Q27: The U.S. Central Credit Union and the
Q31: Sales finance companies
A)specialize in making loans to
Q32: Finance companies enjoy several advantages over banks.
Q37: Credit unions have several advantages over banks.
Q42: A captive finance company is one that
A)is
Q43: Which one of the following utilizes the
Q54: Finance companies obtain a significant portion of
Q60: Aggregate finance company profitability was poor in
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents