PAYDOWN is the systematic reduction in principal of a mortgage- or asset-backed security resulting in a series of principal payments, either scheduled or unscheduled.
ACTUAL CASH VALUE (ACV) is the common method of determining the amount of reimbursement for a loss. Normally calculated by determining what it will cost to replace an item at the time of loss after subtracting depreciation.
MANDATORY SPENDING is spending that is automatically obligated due to previously-enacted laws. In the United States, this would include things such as Social Security, Medicare, and the interest on the national debt. See DISCRETIONARY SPENDING.
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