Variant 5 Text Mortgage

Задание 1. Переведите текст письменно.

A mortgage is the pledging of property by a borrower to a lender as security for the payment of a debt. A familiar example is the home mortgage: the mortgagor (buyer) gives a mortgage on the house being bought to the mortgagee (a bank, savings and loan association, or other institution that deals in mortgage loans), which provides money for the transaction. The buyer agrees to repay the principal amount of the loan and interest in a specified period of time, usually 20 to 30 years. In most states a mortgage gives the mortgagee a lien – as opposed to the common-law practice of grant in condition title – on the house or property as security for the loan. If the borrower fails to make payments on the loan and interest due, the lender may begin foreclosure proceedings, through which the property is sold in order to satisfy the claim of the leader.

A person with no real estate may borrow by giving a bank or loan company a chattel mortgage on personnel property, such as a car, as security for a loan. Corporations often borrow by issuing mortgage bonds, which are secured by mortgages on their business property. In the United States, interest-rate ceilings for mortgages, as for other forms of credit, vary from state to state.

The owner of a mortgaged house who wants to obtain another loan sometimes applies for another mortgage, which is called a second mortgage because it is second in priority to the first mortgage. The interest charged on a second mortgage is higher than that on a first mortgage. In case of foreclosure, the holder of the second mortgage can recover only the first mortgage holder has been paid.

Задание 2. Ответьте на вопросы по содержанию текста.

1 What is a mortgage?

2. What are borrowers and lenders?

3. What is a mortgagor?

4. What do we call loan association?

5. Who provides money for the transaction?

6. What is a specified period to repay the principal amount of the loan and interest?

7. What is a lien?

8. What is foreclosure proceeding?

9. What is a second mortgage?

10. What can you say about the interest charged on a second mortgage?

Задание 3. Переведите письменно текст с русского на английский язык.

Традиционно изменения уровня цен объясняются избыточным совокупным спросом. Производственный сектор не в состоянии ответить на этот избыточный спрос увеличением реального объема продукции, потому что все имеющиеся ресурсы уже полностью использованы. Поэтому этот избыточный спрос проводит к завышенным ценам на постоянный реальный объем продукции и вызывает инфляцию спроса.

Инфляция может также возникнуть в результате издержек и предложения на рынке. Повышение издержек на единицу продукции в экономике сокращает прибыли и объем продукции, который фирмы готовы предложить при существующем уровне цен. В результате уменьшается предложение товаров и услуг в масштабе всей экономике.

Это уменьшение предложения, в свою очередь, повышает уровень цен. Два самых важных источника инфляции, обусловленной ростом издержек – это увеличение номинальной зарплаты и цен на сырье и энергию.

Задание 4. Прочтите и переведите предложения. Заполните пропуски следующими словами.

Raised, effectiveness, power, monetary, interest, strengthen, control, poor, device, succeeds, usefulness, in practice.

1. Decisions on monetary… can be reached and applied rapidly, since … is concentrated in the Board of Governors.

2. The effectiveness of monetary action is reasonably certain. Interest rates can always be … to a level at which the brakes take hold.

3. Monetary policy is an impersonal…, which produces its effect through the market mechanism. It is neutral as among individuals and groups in the economy. If the Federal Reserve… in restricting credit, some would-be borrows will be left unsatisfied.

4. The … of monetary policy depends on whether the problem is to tackle inflation or unemployment. … policy is more effective on the former front than on the latter.

5. During a recession the Federal Reserve can … bank reserves, reduce … rates, and establish an attractive atmosphere for borrowing. But it cannot directly affect the wish to borrow. As business prospects seem …, borrows will hold off and the desired increase in loans and spending will not materialize.

6. The … of monetary policy should not be overestimated. Monetary policy … is more complicated and less effective than appears from textbook examples.