Quote:
Originally Posted by Hitch
Hold it! No, no and no. A Mortgage is not a property. A mortgage, under law, is a financial instrument which is secured by property. That's not the same thing. (Just like your car loan isn't property, nor your credit card debt.) In common law, a mortgage is an estate, create by a conveyance (deed) which secures an act (repayment of lent amounts). A Mortgage is NOT property, and please, don't conflate it with such.
Yes, they are bought and sold, just as are other instruments, which are also not property in the sense you're trying to assign to them.
Because, again, mortgages are not properties. They are financial instruments created by lenders. Because they are construed as being important to the citizenry, for all the obvious reasons, they are REGULATED by government, presumably to help borrowers and homeowners. Of course, we all know how that's worked out in the past, but again--not property, and subject to regulation.
Voters determine what government can and cannot do, and if necessary, rebellion. That's the limitation. Jefferson said it best, as we all know--we get the government we deserve.
Hitch
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Sorry Hitch, you are wrong. If i buy a mortgage, (or another bond, for that matter) that mortgage is an asset to me. I can sell it, get the payments from it, bequeath it, and use it for collateral for another loan. Same as any other asset. It is a wasting asset, i.e. it will go away after a particular period, but then again so does copyright. . .
Like copyright, it is not a physical asset, but it is an asset nonetheless. And as an asset, it is property.
If a mortgage is a construct of a lender, a copyright is a construct of a government. Neither one has any physical reality. either they both are property or neither are property.