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Defeasance (or defeazance) (French: défaire, to undo), in law, is an instrument which defeats the force or operation of some other deed or estate; as distinguished from condition, that which in the same deed is called a condition is a defeasance in another deed. [1] The term is used in several contexts in finance, including: [2]
[3] [5] [6] The penalty of life imprisonment is not provided for in the Revised Penal Code, although it is imposed by other penal statutes such as the Comprehensive Dangerous Drugs Act. [2] Republic Act 10951, signed by president Rodrigo Duterte in 2017, updated the fines and penalties to the law. Previously, the law mandated fines ranging from ...
Prepayment speeds can be expressed in SMM (single monthly mortality), CPR (conditional prepayment rate, which is the annually compounded SMM), or PSA (percentage of the Public Securities Association prepayment model). For mortgages at least 30 months old, 100% PSA = 6.0% CPR = 0.51% SMM, equivalent to the full prepayment of 6% of a pool's ...
Example of a prepayment penalty. Here’s another prepayment penalty scenario. Say you bought a house 19 months ago and borrowed $200,000 via a non-conforming mortgage loan to finance it. Now ...
The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (see below), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure. [1]
The exact amount of a prepayment penalty varies from one lender to the next. In general, you can expect the fee to range from 2 percent to 5 percent of your loan.
On the other hand, the presence of one or more mitigating circumstances when a crime is committed, can serve to reduce the penalty imposed. An example is voluntary surrender. Lastly, the presence of aggravating circumstances will increase the penalty imposed under the crime, upon conviction. Some examples are contempt or insult to public authority.
Commercial mortgages often contain lockout provisions (typically a period of 1–5 years [2] where there can be no prepayment of the loan) which they can be subject to defeasance, yield maintenance and prepayment penalties to protect bondholders. European CMBS issues typically have less prepayment protection.