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  • Repossession

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    Repossession is a term describing the act of the actual owner of an item either rented, leased or borrowed taking the item back, either with or without compensation, or a lienholder taking possession of an item used as collateral for a loan from its registered owner.Repossession, colloquially known as "repo" for short, is a "self-help" type of action in which the party having right of ownership of the property in question takes the property back from the party having right of possession without invoking court proceedings. The property may then be sold by either the financial institution or third party sellers. The extent to which repossession is authorized, and how it may be executed, greatly varies in different jurisdictions (see below). When a lender cannot find the collateral, cannot peacefully obtain it through self-help repossession, or the jurisdiction does not allow self-help repossession, the alternative legal remedy to order the borrower to return the goods (prior to judgment) is replevin. The security interest over the collateral is often known as a lien. The lender/creditor is known as the lienholder.

  • Shadow banking system

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    The shadow banking system is a term for the collection of non-bank financial intermediaries that provide services similar to traditional commercial banks but outside normal banking regulations. The phrase "shadow banking" contains the pejorative connotation of back alley loan sharks. Many in the financial services industry find this phrase offensive and prefer the euphemism "market-based finance". This definition was first put forward by PIMCO (Pacific Investment Management Company) executive director Paul McCulley at FED (Federal Reserve System) annual meeting in 2007. Former US Federal Reserve Chair Ben Bernanke provided the following definition in November 2013: Shadow banking has grown in importance to rival traditional depository banking, and was a primary factor in the subprime mortgage crisis of 2007-2008 and the global recession that followed.

  • Government auctions

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    A government auction is an auction of goods which have been confiscated by various Government bodies and agencies. Government auctions may be found in most countries but can often differ in their format. In certain places, United States for instance, they are held by local departments, and proceeds are retained by the authorities. Generally, these types of auction are open to the public such as the United Kingdom.

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