On Mon, 22 Feb 2021 09:51:15 +1300, Rupert Boleyn <xxxxxx@gmail.com>
wrote:

>On 21Feb2021 1818, Alex Goodwin wrote:
>
>> I think this is the only practically-gameable abstraction.
>> Variable-rate ship mortgages, although more closely reflecting
>> terrestrial commercial reality, require some mechanism to generate the
>> rate changes and are more GM bookkeeping.  Even I'm not willing to go
>> that far.

>Rate changes seem to me to be a plot device and/or mechanism for removal
>of excessive PC wealth. "The banks are raising ship mortgage rates
>across the board, using a little-known and almost never used clause in
>all standard ship mortgage contracts"...

If you really felt this to be necessary, I would probably be more inclined
to say 'the mortgage holder is in receivership (bankrupt) and the mortgage
has been assumed by a different finance company. They are exercising the
compulsory-refinance clause." Then, you can extend the term without them
paying more, have them pay more over the same term, or have them pay even
more over a shorter term. Or, if you want, you can make it _easier_ on
them, if they're having a hard time...

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