In addition, you have the ability to freeze the budget for lack of funds.

as in why do it unless the OP is paying cash then wants to pull equity for deals.I am not following the benefits of thisYes with any lines of credit there is always a clause that states if the collateral severely depreciates in value the lender may have the ability to freeze or limit access to the line.

That's the only place they coincide on either side of freezing.

If you are significantly leveraged and need to access cash from debt, that can make you look risky to the bank, which can then freeze the funds you might have been counting on.

Particularly in the winter, the unit throws error codes as the intake pipe usually freezes.

Disappointed in the rehab work, had a pipe freeze and burst and insurance claim to repair items.

I ask lots and lots of people about their experience and no one I've ever talked to seemed to have a freeze issue with PEX. 

Would every mortgage just freeze or would each person be required to apply and be approved?

And in the worse case scenario where the tranche market freezes, you can still arbitrage the private money at 8%.Hard money lenders in 2008 went under because they were getting 5-to-1 tranche to cash/equity leverage, investors turning keys in or getting foreclosed, drop in collateral values, and their underlying investors getting nervous and wanted to get out. 

The other issue we have seen with lenders is lawsuits at the property level, some still leftover from the freeze 3 years ago.