WO1991011772A1 - Procede et appareil pour realiser la valeur d'un bien - Google Patents

Procede et appareil pour realiser la valeur d'un bien Download PDF

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Publication number
WO1991011772A1
WO1991011772A1 PCT/GB1990/000151 GB9000151W WO9111772A1 WO 1991011772 A1 WO1991011772 A1 WO 1991011772A1 GB 9000151 W GB9000151 W GB 9000151W WO 9111772 A1 WO9111772 A1 WO 9111772A1
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WIPO (PCT)
Prior art keywords
owner
asset
promissory
obligation
current market
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Application number
PCT/GB1990/000151
Other languages
English (en)
Inventor
Melvyn John Hatcher
Jonathon Richard Parnell Checkley
Hyman Gross
Original Assignee
Intaforce Limited
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Intaforce Limited filed Critical Intaforce Limited
Priority to PCT/GB1990/000151 priority Critical patent/WO1991011772A1/fr
Publication of WO1991011772A1 publication Critical patent/WO1991011772A1/fr

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    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance

Definitions

  • This invention relates to a data processing method and system for releasing the value of an asset. More particularly, this invention relates to a data processing method and apparatus for administering a program for making available in cash form to the owner of an asset at least part of the value of the asset.
  • the invention thus enables production of income from assets that are not normally income-producing, or the increase of income from assets that already produce some income.
  • the system and method determine eligibility for the program and determine program payouts.
  • application data derived from an application are entered.
  • the application data include date of birth of the owner, an amount of a promissory obligation to be offered by the owner for participation in the program, and an estimate by the owner of the current market value of the asset.
  • the probability of the death of the owner in any given year is determined based on the date of birth.
  • a determination is made as to whether or not the asset will s ⁇ pport a predetermined minimumperi odic distribution of cash, and the application is rejected if the value of the asset is too low. If the application is not rejected, a mortgage document and a promissory note are generated for signing by the owner.
  • the promissory note is secured by the mortgage and is payable on the death of the owner.
  • Periodic distributions are made to each participating owner based on the value of the
  • the owner thereby retains ownership and control of the asset during his lifetime while the value of the asset is available to him as cash.
  • FIG. illustrates the stages in the system and method of the invention
  • FIGS. 1A-1B are a flowchart diagramming the application and entry phase of the system and method of the invention.
  • FIG. illustrates the components of the system
  • FIGS. 2A-2B are a flowchart diagramming the calculation of distribution payments in the system and method of the invention.
  • FIG. 3 is a flowchart diagramming a phase of the system and method of the invention in which assets are reappraised and amounts of promissory obligations and mortgages are adjusted accordingly;
  • FIG. 4 is a flowchart diagramming the phase of the system and method of the invention in which the
  • FIG. 5 is a diagram of a hardware system according to the invention.
  • the present invention is a data processing system and method for implementing a program for producing income from assets that are not normally income-producing, or increasing the income from assets that already produce some income. As the value of the asset increases, the income can increase as well, as discussed below, and the invention thus can serve as a device to protect against the effects of inflation.
  • the invention may be used as the basis of many different financial services, including annuities, individual pension plans, payment of health or other insurance premiums, interest-free loans, and investment funds, to be discussed more fully below.
  • Various possible assets can be used in implementing the invention including homes, income- producing real estate, works of art, precious metals, life insurance policies, death benefits under pension plans, and marketable securities.
  • the program implemented by the invention works in the following way.
  • An asset serves to secure a promissory obligation to pay a designated amount, and that amount is payable upon the death of the person who makes the promise. No money or property changes hands during the person's lifetime.
  • the promissory obligation is secured by a standing mortgage against the asset, or (depending upon the nature of the asset) by some other security device that is suitable to secure the promised payment.
  • the mortgage or other security device serves only to secure the promissory obligation and is not intended as an income-producing device for the program.
  • the promise is made to an entity that manages a fund, and the person who makes the promise is a participant in the fund.
  • the fund consists of the- secured promissory obligations, and of amounts of cash representing payments of the promissory obligations by the estates of those persons who have made such promises and have subsequently died.
  • the amounts of cash are held by the fund pending periodic distribution, as described below, to those participants in the fund who sire still living.
  • the cash awaiting distribution may also be invested by the fund.
  • An anti-windfall provision is desirable to dispel the unattractive prospect of a relatively large amount being paid out of a participant's estate after only a relatively small amount has been received by a participant who dies much sooner than actuarial expectations would indicate.
  • Such protection ecus, be provided to a participant (perhaps to be offered on an optional basis) by life insurance for, e.g., the first three-years of his participation so that his estate would receive as insurance proceeds, e.g., 75% of the amount of the promissory obligation if the participant dies during the first year, 50% if within the second year, and 25% if within the third year.
  • the premium for such insurance would be deducted from the distribution payments during the period of coverage.
  • Such insurance protection might also be expected to moderate the effect on the fund of the selection factor discussed below.
  • the program implemented by the invention can be based on more than one life so that, for example, a husband and wife can both continue to enjoy the asset for life, and the survivor will continue not only to enjoy the asset but will continue to receive distributions as long as he or she lives, perhaps at a different level. Special calculations regarding life expectancy will be necessary.
  • the amount available for distribution to participants for each period is the total amount of the promissory obligations paid during the period, plus earnings on invested funds, if any, less administrative costs and management charges. However, not all of the money available for distribution each period need be paid out to the participants as the fund may wish to accumulate reserves, or make additional investments.
  • the program implemented by the invention therefore has the choice of simply riding out an initial period of reduced proceeds and distributions to participants, or of undertaking to pay as distributions particular amounts as a minimum.
  • the latter course may well be thought necessary because of marketing considerations, in which case there is the question of what initial capital is necessary to finance such distributions. Since only the shortfall attributable to the selection factor need be financed, estimates can be based on annuity fund experience. Using standard (U.K.) mortality tables for annuitants, the "select period" lasts for one year and indicates that the mortality is approximately 60%. of the population at large (up to age 75). Estimates of capital for this initial financing can be made with the selection factor in mind.
  • the alternative to capital from outside the fund can be devised by paying reduced distributions to participants for, e.g., the first five years of their participation.
  • the desirability of such a self-financing scheme will depend upon whether such reduced distributions are sufficiently attractive from a marketing point of view.
  • Self financing can be accomplished by making distribution payments to participants during the first five years of their membership in the fund at, e.g., the rate of 50% the first year, and increasing in equal amounts over the next five years to 100%. Other schedules of reduced payments might also be used.
  • the fund can be run simply as a redistribution scheme in which the proceeds of promissory obligations are distributed to participants according to their shares after stipulated administrative and management charges are deducted. In that case, participants will have to be informed on entering into the program that expectations will vary depending on the composition of the fund with reference to average age, number and age of entrants, each year, and the amounts of promissory obligations for each age group or for each participant individually, and the experience of the fund.
  • the fund can commit itself to paying a particular amount as a minimum, or it can commit itself to paying a fixed amount that it deems safe from an actuarial point of view.
  • Either of these alternatives can be embellished with a bonus provision (discussed below) that offers the prospect of bonus distributions in addition to normal distributions in case the accumulated reserves (discussed below) are in excess of a stipulated amount.
  • the share in distributions to which each participant is entitled is determined based upon the amount of the promissory obligation furnished by the participant, and upon the probability of the participant's death within the year according to a formula, forming part of the invention, which relies on mortality statistics.
  • the amounts that each participant would receive would normally increase steadily with the passage of time, with much larger amounts at a more advanced age in accordance with reduced statistical life expehtancy.
  • the amount of the promissory obligation may also be increased as the value of the asset that secures it increases, and this would also increase the amount that a participant receives.
  • the fund it is desirable and preferable for the fund to retain and accumulate as a reserve some portion of the amounts available for distribution.
  • the reserve would serve to cushion any lower than expected proceeds for a given period so that distributions could be maintained at the stipulated level without difficulty. It could also provide the money for attractive bonus distributions to be made from time to time when the reserve reaches a certain predetermined point.
  • the program implemented by the invention has the effect of depriving heirs of some of what they would normally inherit. In fact, it may be used to achieve just the opposite by providing a mechanism that allows one to give one's children and grandchildren money that they want or need now, without in any way depriving oneself of any of the resources upon which one depends for the rest of one's life.
  • the effect of such an arrangement is to reduce one's taxable estate at death, insofar as the fund stands as a creditor of the estate to the extent of the promissory obligation.
  • the processing of a potential participant's application to join the program is diagrammed in Figure 1.
  • An application is received at 1.
  • the application contains several items of information, including applicant's name and date of birth, the amount of promissory obligation offered, the type of asset, and applicant's own assessment of the current market value of the asset. These items are entered into the system at the central unit 2, with other data asked for in the application and any exsisting prior liens or other charges against the asset.
  • the current calendar year is entered into the system.
  • the central unit 2 having received the application data dialogs with units 3, 4 and 5 respectively. Also entered in central unit 2 is an assessment of the current market value of the asset.
  • k-value a proportionality factor
  • the proportionality factor depends on the type of asset and is derived from a list of proportionality factors for different types of assets that is maintained by the system.
  • the proportionality factor takes into account possible fluctuations in the value of the asset and is the ratio of the lowest normally expected value of the asset over the lifetime of its owner (the participant) to its present value.
  • the system collects life expectancy of the applicant; said life expectancy is subjected to a reduction which is chosen so that the periodic distributions are reduced, thus retaining funds within the program to act as a buffer against adverse future contingencies and out of which, assuming all goes at least as well as expected, bonuses can be paid to participants.
  • the fraction can of course be varied according to circumstances and experience and. for instance, may be of 20%
  • a minimum periodic distribution of Z dollars is set by the program managers so that very small cases, which may not be worth the administrative expense of handling, are not accepted for participation in the program.
  • the system tests to see if the value of the asset is sufficient to support such a minimum distribution.
  • test 9 the system checks that the difference between applicant's assessment of current market value and the independent appraisal does not exceed a predetermined plausible percentage of the independent appraisal. If the difference is excessive, applicant is invited to reconsider his estimate and to reapply. Otherwise, if there is no excessive discrepancy, flow passes to test 11 where the system checks to see if the promissory obligation offered is less than the product of the current market value and the kvalue, so that the asset should always be sufficient to pay off the obligation. If not, applicant is invited at 12 to reapply with a promissory obligation small enough to pass test 11, but large enough to support a minimum distribution of Z. Otherwise, if the promissory obligation offered is not too large to pass test 11, the system tests to see if it is large enough to support a minimum distribution of Z, using the formula
  • year Y is calculated to the nearest whole year, the distribution. s, due participant N using the formula
  • the factor 1.04 allows for interest earned by the fund assuming an annual interest rate of 8% for half a year (because on average, obligations to the fund are paid in the middle of the year). The factor 1.04 can be varied according to circumstances, including prevailing interest rates.
  • C(Y-1) is a factor (always greater than or equal to one) representing the accumulation of all bonuses declared to date, and increases the result thus far obtained to allow for such bonuses!
  • C ( Y-1 ) N is the factor for an individual participant N.
  • R(Y) N (referred to in the flowchart) is the Nth entry in R(Y).
  • the fund When a participant dies, the fund must collect the amount of the promissory obligation from his estate.
  • the security device used should be chosen to make collection a simple matter.
  • the fund would thus receive income for the period of nonpayment, and might even be able to sell the mortgage obligation to interested financial institutions if the agreement provided that the mortgate begins to bear increased interest after an agreed upon period from the time the obligation becomes payable.
  • the administrators of the estate would refinance with a conventional mortgage and pay off the obligation to the fund with the proceeds, should there not otherwise be sufficient ready cash in the estate to pay the obligation.
  • the central processor 101 is a computer. Mass data storage is provided by at least one tape drive unit 102 and a plurality of disk drive units 103. A number of printers 104 are attached to the system for generating the mortgages, promissory notes and participation agreements, as well as reports for use by program personnel. For internal reports, a number of line printers are provided'. For the mortgages, notes, agreements, and other documents for external use, a number of letter quality laser printers are provided. A plurality of (Advanced Terminal Processor) units 105 connect the central processor to terminals where system personnel perform the procedures described above, and other procedure, as necessary.
  • Advanced Terminal Processor Advanced Terminal Processor
  • the application contains several items of information,
  • the proportionality factor takes into account possible fluctuations in the value of the asset and is the ratio of the lowest normally expected value of the asset over the lifetime of its owner (the participant) to its present value.
  • the system tests to see if the person taking the application has verified applicant's age by viewing his birth certificate.
  • system flow passes to block 5, where applicant is invited to reapply with his birth certificate.
  • the preferred embodiment of the invention assumes that all participants begin participating on January 1 of any particular year.
  • the fraction is chosen so that the periodic distributions are reduced, thus retaining funds within the program to act as a buffer against adverse future contingencies and out of which, assuming all goes at least as well as expected, bonuses can be paid to participants.
  • CMV Current market value
  • a minimum periodic distribution of Z dollars is set by the program managers so that very small cases, which may not be worth the administrative expense of handling, are not accepted for participation in the program.
  • the system tests to see if the value of the asset is sufficient to support such a minimum distribution according to the formula
  • test 9 the system checks that the difference between applicant's assessment of current market value and the independent appraisal does not exceed a predetermined plausible percentage of the independent appraisal. If the difference is excessive, applicant is invited at 10 to reconsider his estimate and to reapply. Otherwise, if there is no excessive discrepancy, flow passes to test 11 where the system checks to see if the promissory obligation offered is less than the product of the current market value and the k-value, so that the asset should always be sufficient to pay off the obligation.
  • a direct deposit arrangement for payment of distributions may be set up with the participant's bank.
  • FIGS. 2A-2B The annual calculation of distribution payments is diagrammed in FIGS. 2A-2B.
  • the system accesses and updates the system master file (MFILE).
  • MFILE system master file
  • the year of calculation (Y), the interest rate (I) (determined from market yields of medium-term high-quality bonds), the available reserves (R) as of January 1 of year Y, and the management charge (M) for the fund (including profit) are entered into the system.
  • a file R(Y) is created for storing the calculated distributions for year Y.
  • N counter for number of participants
  • S total distributions for all participants
  • Q total of capitalized value of all promissory obligations for all participants
  • ABR abcraed bonus reserve -- the sum needed to meet all future bonus payments declared to date
  • a loop of all participants is begun by increasing the counter N by one.
  • the system determines if participant N is alive and was a participant on January 1 of year Y. If not, flow passes to test 21 where the loop is terminated if N equals the total number of participants, or where control passes back to block 19 where N is again incremented. If participant N is alive and was a participant on January 1 of year Y, then at 22 his age at January 1, year Y is calculated to the nearest whole year.
  • the factor 1.04 allows for interest earned by the fund assuming an annual interest rate of 8% for half a year (because on average, obligations to the fund are paid in the middle of the year). The factor 1.04 can be varied according to circumstances, including prevailing interest rates.
  • C(Y-1) is a factor (always greater than or equal to one) representing the accumulation of all bonuses declared to date, and increases the result thus far obtained to allow for such bonuses.
  • C(Y-1) N is the factor for an individual participant N.
  • R(Y) N (referred to in the flowchart) is the Nth entry in R(Y).
  • s is added to S to keep a running total.
  • the capitalized value q of the Nth participant's asset is calculated according to the formula
  • the counter N is incremented by one.
  • the system tests to see if participant N is alive and was a participant at January 1 of year Y. If not, the system checks at 33 to see if all participants have been processed and, if they have, the loop is terminated. If all participants have not been processed, the next participant N is processed begining at 31. If, at 32, participant N is alive and participating at January 1, year Y, his new accrued bonus factor (C(Y) N ) is calculated at 34 as the product of B(Y) and his accrued bonus factor for the previous year (C(Y-1) N ). For new participants, C(Y) N is set to 1. Control then passes to test 33 to see if all participants have been processed. If not, the loop continues at 31. Otherwise, the loop is terminated. When the loop is terminated, control passes to block 35 where file R(Y) is closed and stored.
  • the assets preferably are reappraised periodically by the program and the process of the system and method of the invention for dealing with the
  • FIG. 3 reappraisal is diagrammed in FIG. 3.
  • a reappraisal of current market value is made at 36.
  • the system tests to see if current market value equals or exceeds the ratio of the amount of the promissory obligation to the k-value. If not, the participant is advised at 38 that he must reduce his obligation or mortgage further assets.
  • the participant is advised that he may increase his promissory obligation to the product of the k-value and the new current market value, and he is invited to do so. If, at test 41, he declines the invitation, control passes to block 42 and his distributions remain unchanged. If he accepts, however, the necessary documents reflecting a new promissory obligation and a new mortgage are generated and presented to him for signature at 43. At 44, the new. mortgage is recorded. The process ends with the updating of the master file at 45 to include the new promissory obligation.
  • the fund When a participant dies, the fund must collect the amount of the promissory obligation from his estate.
  • the security device used should be chosen to make collection a simple matter.
  • the fund would thus receive income for the period of nonpayment, and might even be able to sell the mortgage obligation to interested financial institutions if the agreement provided that the mortgage begins to bear increased interest after an agreed upon period from the time the obligation becomes payable.
  • the administrators of the estate would refinance with a conventional mortgage and pay off the obligation to the fund with the proceeds, should there not otherwise be sufficient ready cash in the estate to pay the obligation.
  • the process for collecting on the promissory obligation on a participant's death is diagrammed in FIG. 4.
  • the process begins at 46 where the program managers are notified of the death by the participant's bank, if direct deposit of distributions is being used, or by a friend or relative of the participant.
  • the executor or administrator of the deceased participant's estate is contacted and a claim for the amount of the promissory obligation is made.
  • the system checks to see if other assets in the estate are sufficient to pay the promissory obligation. If so, the system awaits payment. If not, control passes to block 49 where sale of the assets is procured by program personnel, and the system then awaits payment.
  • the system accepts payment and terminates the mortgage.
  • FIG. 5 An exemplary hardware system 100, composed of conventional data processing equipment, for implementing the invention is diagrammed in FIG. 5.
  • the central processor 101 is a Hewlett-Packard HP-3000 Series 52 computer. Mass data storage is provided by at least one HP7978 tape drive unit 102 and a plurality of HP7933 disk drive units 103.
  • a number of printers 104 are attached to the system for generating the mortgages, promissory notes and participation agreements, as well as reports for use by program personnel. For internal reports, a number of HP2564A line printers are provided. For the mortgages, notes, agreements, and other documents for external use, a number of HP2686 letter quality laser printers are provided. The ratio of the number of laser printers to the number of line printers is approximately six- to-one.
  • Terminal Processor units 105 connect the central processor to HP2392A terminals (twelve terminals per ATP) where system personnel perform the produres described above, and other procedures, as necessary.
  • Periodic revaluation of the asset allows an increase in its value to be reflected in an increased promis sory obligation, and so a larger share in distributions. The same percentage of market value would be maintained to preserve the same margin of safety.
  • Homes are the most obvious asset because of the large number of home owners in the population and because the mechanics of home mortgages are simple and familiar. Periodic revaluations would allow the increased value of the property to be reflected in an increased promissory obligation, and so an increased share in distributions. Not only homes, but income- producing real estate as well can be an asset under the invention. Assuming that such property is already subject to existing mortgage financing, the invention becomes a method of increasing income from the property based on a secondary mortgage that involves no payment of interest or anything else as long as the owner lives.
  • Marketable securities would normally be viewed as the equivalent of cash, but in special situations in which retention of the securities is desirable they may be pledged as an asset under the invention, and as such they would present much the same picture as precious metals.
  • Fully paid life insurance policies that are assignable are an obvious and safe asset for the invention, and offer the advantage of direct collection of proceeds without recourse to the estate of the participant. The possibility of using policies that require further premium payments might be considered to see if there is a worthwhile differential between premium payments and expected distributions under the invention. Insurance policies are not an asset whose value will increase. Death benefits under pension plans, if assignable, could be used as an asset in the same way as life insurance policies.
  • an annuity The most obvious form for the program implemented by the invention is an annuity. Unlike conventional annuities, however, an annuity of this sort requires no relinquishment of money or property before death. It provides substantial additional income for life derived from assets that the annuitant continues to enjoy fully for the rest of his life.
  • Another use of the program implemented by the invention is as the basis of individual pension schemes. No contributions are necessary, and such a scheme can be commenced while one is still working, or at any time after retirement. Such a pension scheme can of course serve to supplement pension plans that years before seemed adequate provision for retirement but now seem hardly adequate because of the effects of inflation or because of changed circumstances.
  • Health insurance to cover the financial risks of living to a ripe old age can be paid for by the program implemented by the invention, as can nursing home or home nursing care, again without any diminution of income for the participant.
  • the program implemented by the invention As a participant grows older the distributions to him increase at a high rate because of the increase in the ratio q' x /p' x so that even the most expensive medical and nursing care can be paid for almost indefinitely.
  • the program implemented by the invention may be used as the basis of an interest-free financing scheme. If a participant is allowed to withdraw at some future time, the participant would in effect have paid for the cost of his participation by having run the risk of having his promise performed should he have died before he withdraws. But if he repays the amounts he has received and withdraws after a stipulated time, perhaps with a penalty if withdrawal is quite soon after entry, he will have had an interest-free loan. In principle, even the repayment requirement may be eliminated or modified if amounts distributed and time of required participation are suitably designed to have put the participant at sufficiently great risk of having his promise performed, though considerations of commercial attraction must weigh heavily in such decisions.. Allowing such withdrawal would allay a participant's fears that he could never dispose of the asset, or that the equity committed to the fund could not be made available to secure a conventional loan for a lump sum if needed at some time in the future.
  • a participant might wish to sell his house and move elsewhere, for example. If the house is mortgaged to secure his obligation he can still sell the house and substitute a suitable mortgage on a new house, or provide security in some other form using the proceeds of the sale. Similarly, with other kinds of assets which he may wish to dispose of, a participant is not locked into ownership but may make suitable substitutions to secure his obligation and thus remain in the fund.
  • the program implemented by the invention may serve as the basis of an investment fund requiring no contributions by the participants, but only an accumulation and investment of amounts that would otherwise be distributed periodically.
  • the investment portfolios produced by such accumulations offer the prospect of considerably increased distributions either later while the participant is still alive, or-to his estate, or both. It also offers interesting additional opportunities for the fund management acting as investment fund managers.
  • PRINT TAB(5) PRINT:PRINT TAB(5)
  • THE FOLLOWING ACTION SHOULD NOW BE TAKEN :-":PRINT:PRINT TAB(7)"1.
  • PRINT MORTGAGE DOCUMENT PRINT TA
  • PRINT PRINT: PRINT TAB(7) "PROCURE SALE OF MORTGAGED ASSET AND CLAIM PAYMENT

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Abstract

On décrit un procédé et système de traitement de données pour mettre en oeuvre un programme permettant de produire un revenu à partir de biens qui ne sont pas normalement créateurs de revenus, ou pour augmenter le revenu provenant de biens qui produisent déjà un certain revenu. Selon le programme, une hypothèque libre d'intérêts est prise comme caution pour le bien afin de garantir l'exécution d'une promesse donnée par un participant de payer une certaine somme en cas de sa mort. Cette somme promise fera partie d'un fonds qui procure un revenu grâce au versement de telles sommes au fur et à mesure que les participants meurent, en octroyant desmontants aux autres participants toujours en vie. Le procédé et le système de traitement des données de l'invention déterminent l'éligibilité au paiement, calculent les distributions, contrôlent la valeur des biens servant de caution pour les sommes garanties, et se chargent du paiement des sommes promises au fur et à mesure que les participants meurent.
PCT/GB1990/000151 1990-02-02 1990-02-02 Procede et appareil pour realiser la valeur d'un bien WO1991011772A1 (fr)

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Cited By (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO1997038383A1 (fr) * 1996-02-02 1997-10-16 Realkredit Danmark A/S Procede et systeme informatique servant a determiner des instruments financiers a utiliser dans le financement d'un emprunt refinance au moins partiellement pendant sa duree jusqu'a son echeance
WO1998043187A2 (fr) * 1997-03-03 1998-10-01 Realkredit Danmark A/S Procede et systeme de donnees permettant de determiner des instruments financiers pour financer un pret et determiner l'echeance de celui-ci
US6671677B2 (en) * 2000-11-16 2003-12-30 American International Group, Inc. System and method for reducing mortgage interest rate and mortgage guaranty insurance premiums associated with a mortgage loan
US7860775B2 (en) 2006-11-16 2010-12-28 Asset Deployment Llc Method and apparatus for increasing investment return and asset liquidity

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WO1988008163A1 (fr) * 1987-04-15 1988-10-20 Proprietary Financial Products, Inc. Systeme de comptabilite financiere

Patent Citations (1)

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Publication number Priority date Publication date Assignee Title
WO1988008163A1 (fr) * 1987-04-15 1988-10-20 Proprietary Financial Products, Inc. Systeme de comptabilite financiere

Cited By (5)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO1997038383A1 (fr) * 1996-02-02 1997-10-16 Realkredit Danmark A/S Procede et systeme informatique servant a determiner des instruments financiers a utiliser dans le financement d'un emprunt refinance au moins partiellement pendant sa duree jusqu'a son echeance
WO1998043187A2 (fr) * 1997-03-03 1998-10-01 Realkredit Danmark A/S Procede et systeme de donnees permettant de determiner des instruments financiers pour financer un pret et determiner l'echeance de celui-ci
WO1998043187A3 (fr) * 1997-03-03 1998-11-05 Realkredit Danmark A S Procede et systeme de donnees permettant de determiner des instruments financiers pour financer un pret et determiner l'echeance de celui-ci
US6671677B2 (en) * 2000-11-16 2003-12-30 American International Group, Inc. System and method for reducing mortgage interest rate and mortgage guaranty insurance premiums associated with a mortgage loan
US7860775B2 (en) 2006-11-16 2010-12-28 Asset Deployment Llc Method and apparatus for increasing investment return and asset liquidity

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