There are First Mortgages and Second Mortgages, the former designed to allow you to purchase the home or totally refinance the original loan; the latter, also known as a Home Equity Loan, allows you to use your available equity to take out a subordinate loan in addition to your First Mortgage.
Many powers belonging to the federal government are shared by state governments. Such powers are called concurrent powers. These include the power to tax, spend, and borrow money. State governments operate their own judicial systems, charter corporations, provide public education, and regulate property rights.
Federal vs. Unitary Governments. In a unitary government the power is held by one central authority but in a federal government, the power is divided between national (federal) government and local (state) governments.In recent years there has been a strong global trend toward federal governments. There is no hierarchy of sovereign powers. * States have no authority to pass their own laws, and the central (national) government can order the states to do anything. (Just like a state can order a town to do anything, because the town is not sovereign.). * The federal government has a huge percentage of the power.