Trust and mortgage companies?
Deal Score0
Bankenb a) chartered) near Bankenc) Bankend) none of the above
Login / Register Submit a deal
No widgets added. You can disable footer widget area in theme options - footer options
Random Posts
- How do I go about buying a home w/ my boyfriend?My boyfriend and I have been together for 6 years. He has horrible credit and is unable to buy a home. I have good credit and money saved for a down-payment on a house. The …
- Just wondering if there is any kind of insurance coverage for the victims of the tsunami?It is a natural disaster. I know that in California there is earthquake insurance but very expensive. Do the Japanese have any kind of insurance protection? I’m sure there will be some kind of aid …
- Who are the top 100 best mortgage companies?I came accross a list of the best rated 100 mortgage companies. The page has got the merit of surveying a question and issue of of interest to the global community by fostering individual self-expression …
- What do you think about my editorial?It is for a class i have, do you find it funny or interesting? “The Puppy Pooper” By Olivia Student Have you ever wondered why it is that when you buy a dog they will …
- How can I ( PS3 Internet )?See… We bought pretty new house… So in my old house… I have this 25 ft Ethenrnet Cable that i use in my ps3 on my room cause WI Fi stinks… Now that we bought …
Random Topics
- Should I feel bad about shopping for loans?So I have relied on this one loan officer at a major bank to do my preapproval for the last 4 or so months. *We finally had an offer accepted last week and I locked …
- What to enter in the fields in a credit card application?I have credit cards already, but I am in a unique situation. I am 20 and living on my own but with my parent’s income. I recently got an American Express application and when I …
- Why would someone get a secured credit card?What are the advantages? It seems securing the card defeats the purpose of having credit at all. Related Posts:USAA secured credit card =-)Secured card, to close or not to close?Whats the best Secured Credit Card …
- Can you negotiate balance and PFD?I have one legit collection on my CR, which was a dispute with the OC. It’s due to come off in Nov 2012. * Now that I am rebuilding and so close to having really …
- Can i buy a 2 bedroom condo or house in fl in a good neighborhod. ?I’m looking to move to fl after I find a job there. I hear real estate is cheap there. I’m looking for a house or condo there. 2 bedroom with 2 bathroom. is it possible …
The correct answer is d)none of the above.
[ It is true that some Trust and mortgge loan companies may have bakns in their name. It is also true that banks do extend mortgage loans and may also act as turstees. There may be sone trusts or mortgage lenders who may have obtaind the status of chartered banks for certain limited banking activity. But, pure Trust and mortgage loan companies are not necessarily chartered banks, or near banks or banks. Banks can create deposits by creating loans. Trust and mortgage conmpanies cannot do that. Trusts may be for variuos purposes other than for lending.
The definition of a bank varies from country to country. Under English law, bank is defined as a person who carries on the business of banking, which is:conducting current accounts for customers, paying cheques drawn on a given person, and
collecting cheques for their customers. However the commercial role of banks is wider than banking, and includes:
issue of banknotes (promissory notes issued by a banker and payable to bearer on demand)
processing of payments by way of telegraphic transfer, EFTPOS, internet banking or other means
issuing bank drafts and bank cheques
accepting money on term deposit
lending money by way of overdraft, installment loan or otherwise
providing documentary and standby letters of credit, guarantees, performance bonds, securities underwriting commitments and other forms of off balance sheet exposures
safekeeping of documents and other items in safe deposit boxes
currency exchange
sale, distribution or brokerage, with or without advice, of insurance, unit trusts and similar financial products as a ‘financial supermarket’ .
Given the above, the Trusts and mortgage lending companies cannot be regarded as chartered banks or near banks or banks.]