Hriday is buying a house for $800,000. He will be making the minimum down payment and will require mortgage default insurance. If Hriday defaults on the mortgage, outline what steps are taken by the financial institution and how does the mortgage default insurance get involved? When a lending institution takes a borrowing customer's car as collateral, it requests that the borrowing customer brings the vehicle to the lending institution once each year for inspection registers a chattel mortgage over the vehicle, which is automatically released once the loan is repaid requires the borrowing customer to sign a form agreeing to maintain the vehicle in good condition and always have insurance on the vehicle limits the number of kilometres a customer can put on the vehicle each year