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Although his equity in the land he owned might be much less than its assessed value, he was not allowed to make any deduction for mortgages.
His first act was to send, as per agreement, the sum of $187,000 to Miss Lind's bankers in London. It was not altogether easy for him to do this. After he had scraped together all his available cash he was still short a large sum. He had plenty of securities in the form of second mortgages that were perfectly good, but no one in Wall street would lend him a dollar on them.
The Federal Housing Administration mortgages, which are a recent New Deal endeavor to make funds for home buying or building safe and stable, are issued by local banks with the payment of interest and principle guaranteed to the bank through the operation of this government controlled agency.
As Mr Williams remarked, there was no use in dwelling on the unpopularity of the bank, that didn't need pointing out; folks down Moneida way could put any newspaper wise on the number of mortgages foreclosed and the rate for secondary loans exacted by the bank in those parts.
Cotterill had run the risks of the speculative builder, built and mortgaged, built and mortgaged, sold at a profit, sold without profit, sold at a loss, and failed to sell; given bills, second mortgages, and third mortgages; and because he was a builder and could do nothing but build, he had continued to build in defiance of Bursley's lack of enthusiasm for his erections.
"I don't mind being laughed at in good company, and it is such a relief to meet a gentleman who can talk about something besides corner lots and five per cent a month, and," with a wicked look at the figure of her father in the distance, "and mortgages with waivers in them!" Our cynic philosopher found his cynicism melting away like an iceberg in the Gulf-stream.
In the body of the note it must be stated that it is secured by mortgage. The date of the note and mortgage should be the same. The man who mortgages his property is the mortgagor. The man to whom the mortgage is given is the mortgagee.
Not at Breakem's bank, for they're brewers, and hosiers, and chandlers, and horse-dealers ay, and swindlers too, the whole 'company' on 'em; not in mortgages, for I hate the very smell of a lawyer, with all his pounce and parchment; not in Gover'me't 'nuities, for I'm an old 'ooman, boy; and not in the Three per Cents, nor any other per cents, for I've sense enough to know that my highest interest lies in counting out, as my first principle is dropping in."
Those who are familiar with the manias of country folks will recognize in him the land-hunger which becomes such a consuming passion to the exclusion of every other; a sort of avarice displayed in the sight of the sun, which often leads to ruin by a want of balance between the interest on mortgages and the products of the soil.
I am one of those unambitious lawyers who never addresses a jury, or in any way draws down public applause; but, in the cool tranquillity of a snug retreat, do a snug business among rich men's bonds, and mortgages, and title-deeds. All who know me, consider me an eminently safe man.
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