Friday, September 19, 2008

Mortgage - The Dead Pledge

Okay – Okay enough about debt already Murray… tell us a lighter side story to make us feel good. Please?!

Here is the lighter story today… It started that way on my front porch… but first… just a wee bit more to understand.

I am stunned by the amount of money that is owed across the USA and Canada! As I read the statistics being offered for us to understand my mind simply turned off – I cannot fathom how big $1.3 Trillion Dollars is. I think that is 1000 Billion – 3 times over. And that amount is only 6.8% of the loans outstanding in the USA.

Can you see why my mind simply turns off.

One article stated that…
Approximately 16% of subprime loans with adjustable rate mortgages (ARM) were 90-days delinquent or in foreclosure proceedings as of October 2007, roughly triple the rate of 2005. By January 2008, the delinquency rate had risen to 21%[ and by May 2008 it was 25%.

No wonder they have a crisis now!

As I mulled over this I was looking closely at the word Mortgage. There at the start of the word is the French word for “death” – ‘Mort’. I understood the second part in English – to measure – ‘gage’. Is it measured death?

Mortgage explanation from Wikipedia
A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

The term comes from the Old French "dead pledge," apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.

Okay… but it tends to have new meaning in 2008 – Mortgage means death now… or something that will kill you – if not taken care of.

I have a Mortgage – and at times it kills me… but my bank is gracious to receive my payments each week – lightening the debt load.

Now back to my Front Porch…
There suspended gracefully from the pillar and the flower pot is the gigantic spider’s web you see earlier. It is not a light web but rather sticky and stronger than usual.

When I pulled it apart two days ago it suck to my hand. Actually it stuck my face and hair as I had stuck my head into it by accident.

This has to be proof of the persistence of its builder. It was back again each day in the same spot. Finely crafted and built with an intelligence and ability that few engineers that I know have.

I looked closer at the webs near this spectacular weaving. There in the middle was a black, oblong case. Kind of like a brief case I think. Looking closely I pulled it from the web where it was fastened tightly. I pulled the black case open. There inside was a scrunched up creature that was indeed dead. He or she had unfortunately flew into or fallen into the web, stuck there and then was greeted by one of God’s amazing packing and handling creatures. Mr. Spider moved in on it and wrapped it up tightly.

A I looked at this amazing display and thought of the persistence of this Mr. Spider. His ability to quickly weave a Web with such ingenuity – then lay in wait for something to happen along.

Here he is in his splendor. He measures almost an inch in length and has amazing colouring. As I looked up from the Web – he was looking down at me. Though the photo doesn’t catch it – he is salivating I am sure rubbing his four long front legs together.
Looking very closely at one of the photos after placing it on my computer – there as a tiny sign hanging near the bottom – I didn’t catch it at first… but sure enough – there it was.

Here is the evidence. See below....I am sending this on to the “National Enquirer” and or another Newspaper in England – I am sure they will pay big dollars for this one. Mr. Spider is so honest.

~ Murray Lincoln ~

Subprime Mortgage values

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