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Which of the following statements regarding mortgages is FALSE? A. Mortgages are collateralized by a piece of real property, either residential or commercial. B. Because mortgages are secured loans, mortgage insurance is unnecessary. C. The lender has the right to "foreclose" or lay claim against the real estate in the event of a loan default. D. In a conventional mortgage, the loan is based on the creditworthiness of the borrower. |