As a Result of the Financial Crisis of 2008-2009,some Financial

question 23

Multiple Choice

As a result of the financial crisis of 2008-2009,some financial institutions accepted a(n) ________ arrangements in which the lender accepted the proceeds of the sale of a home as full payment on the debt owed even though the proceeds were less than the debt owed.

• A) mortgage modification
• B) foreclosure
• C) refinancing
• D) short-sale

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Definitions:

General Partner

An entity or individual responsible for the everyday operations of a partnership, fully liable for its obligations and debts.

Liability

The condition of being officially accountable for something, particularly regarding financial debts or legal duties.

False Statements

Deliberately untrue declarations made with the intent to deceive or mislead.

Limited Partnership

A partnership arrangement where some partners have limited liability for the debts of the business, contributing only to the extent of their investment.