The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1927-01-15

financing was now a primary con.
Germ OF National and State govern
ments,
Defines Documents
| In his lecture Mr.. Bowie took ur
the definition of what mortgages
and deeds Of trust is, the sources
of supply of mortgage money, The
work of building associations. pro-
cedure. description of land contracts,
matters of appraisal, amortization
etc.
Mr.. Bowie explained in his lee
ture that the mortgage during the
days of its early history was an
absolute conveyance Of property to
the party lending the money, the
| borrower merely reserving to him.
self the right to redeem or Ike
back his title upon the performance
of his part of the repayment Of
the amount borrowed.
The evolution of mortgage, how
ever, has resulted in much more
! convenient and satisfactory forms
in many instances changes having
been influenced and required by the
enactment Of laws in the various
States prescribing what form they
should take.
Under the old practices many
hardships were inflicted upon Dor.
rowers who, due to adverse cir.
cunstances were unable to make
repayment according to the strict
letter Of their obligations.
Borrowers Protected
Laws in the courts now have
the very decided tendency toward
protection Of the borrower and in
some sections Of the country It
too far with the enactment of laws
protecting them beyond any rea-
sonable necessity, such attempts at
protection, however, usually reactinS
to the detriment of the borrower
because the more conditions and
restrictions imposed, the fewer PEG.
pie who are willing to lend money
We are not encountered in this dis
trict with any offensive mortgage
legislation, the very simple deed OF
trust being the matter in which q
debt is secured on real estate, which
is an absolutely conveyance of the
legal title to the property to trustees
a passage way until some default
occurs.
Then they have summary powers
OF sale after public advertisement in
the newspapers, period. of such ad-
vertisement being quite definitely
fixed by custom at 10 days.
. This might possibly have to do
with the plentiful supply of money
here for investment in real estate
loans, all Of which can be we'll under
stood when it is remembered that in
some of the States the holder of the
debt which is in default must go into
court and serve all of the parties in
interest, get them before the court.
In Default Cases
In many cases the defaulting Dor.
rover can, by taking advantage of
all Of the laws delays, retain pos
session Of the property for, in many
cases, one year, and in some cases
two years.
In so far as first mortgage loans
are concerned, the chief sources open
to borrowers in this district are as
about as follows, the valued handled
by each indicated by the order in
which they are named: 1. Mortgage
bankers. 2. Life insurance COM
panies. 3. Trust companies. 4.
Building associations. 8. Savings
banks. 6. National banks.
AS to the mortgage bankers OF
brokers, the fact that they prob
ably receive most Of the applica
lions is due to the situation that
they occupy with reference to both
the borrower and the lenders.
Affect Contacts
They are the type of middle-man
that bring the producer and ulti-
mate consumer more directly TO.
gether, using the term producer to
illustrate the owner or lender of
the money and the consumer the
borrower whose legitimate needs