bullet loan

问题如下：

William Marolf obtains a 5 million EUR mortgage loan from Bank Nederlandse. A year later the principal on the loan is 4 million EUR and Marolf defaults on the loan. Bank Nederlandse forecloses, sells the property for 2.5 million EUR, and is entitled to collect the 1.5 million EUR shortfall from Marolf. Marolf most likely had a:

选项：

A.

bullet loan.

B.

recourse loan.

C.

non-recourse loan.

解释：

B is correct.

Bank Nederlandse has a claim against Marolf for 1.5 million EUR, the shortfall between the amount of the mortgage balance outstanding and the proceeds received from the sale of the property. This indicates that the mortgage loan is a recourse loan. The recourse/non-recourse feature indicates the rights of a lender in foreclosure. If Marolf had a non-recourse loan, the bank would have only been entitled to the proceeds from the sale of the underlying property, or 2.5 million EUR. A bullet loan is a special type of interest-only mortgage for which there are no scheduled principal payments over the entire term of the loan. Since the unpaid balance is less than the original mortgage loan, it is unlikely that Marolf has an interest only mortgage.

考点：recourse & non-recourse loan

解析：追索权指的是银行是否可以追索除了抵押品以外的其他财产。题干的意思是，银行将抵押品卖完之后，只回收了2.5million，银行有权从私人财产那里再回收1.5million，所以这笔贷款就是有追索权的，即可以追溯到个人财产的贷款。故选项B正确。