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The underlying premise with endowment policies being used to repay a mortgage, is that the premiums plus growth of the investment will be adequate to repay the loan when it falls due. Toward the end of the 1980s when endowment mortgage selling was at its peak, the anticipated growth rate for endowments policies was high (7-12% per annum).
An endowment policy is a life insurance ... often designed to repay a mortgage ... (Text of H.R. 4333 (100th): Technical and Miscellaneous Revenue Act of 1988) (H.R ...
However there does have to be some causal connection between the breach of trust and the loss to the trust estate for which compensation is recoverable viz. the fact that the loss would not have occurred but for the breach: see also In re Miller's Deed Trusts (1978) 75 L.S.G. 454; Nestle v National Westminster Bank Plc [1993] 1 WLR 1260.
The projected endowment returns used in selling these types of products was often in excess of 10%pa. As these levels of return have not been achieved over recent years, many endowments are currently maturing (or are projected to mature) with a significant shortfall. This has led to endowment misselling compensation claims being made in the UK.
The Home Ownership and Equity Protection Act (HOEPA) is a 1994 amendment to the Truth in Lending Act (TILA) that protects consumers from predatory mortgage lending. Expanded significantly in 2010 ...
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided funds to pay out insurance to their depositors.
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An Act to abolish exemptions from the Rent and Mortgage Interest Restrictions Acts, 1920 to 1939, the Rent of Furnished Houses Control (Scotland) Act, 1943, the Furnished Houses (Rent Control) Act, 1946, and the Landlord and Tenant (Rent Control) Act, 1949, which arise by reason of the subsistence of a superior interest belonging to the Crown ...