Etymology
The word "mortgage" derives from the Old French word "mort," meaning "death," and "gage," meaning "pledge."
Meaning
A mortgage is a legal agreement that gives a lender a security interest in a property (typically a house or land) as collateral for a loan. If the borrower fails to repay the loan, the lender can foreclose on the property and sell it to satisfy the debt.
Origin
The concept of using land as collateral for loans originated in ancient Greece. However, the term "mortgage" began to be used in its modern sense in the Middle Ages.
In feudal times, land was a valuable commodity, and knights often pledged their lands as security for loans. If they failed to repay, the lender would seize the land and use it to compensate for their losses.
Over time, the practice of mortgaging property became more common, especially as urbanization and property ownership increased. Mortgages also became a way for people to purchase property for non-agricultural purposes, such as homes and businesses.
In the 19th and 20th centuries, the development of the mortgage industry led to the establishment of mortgage companies and mortgage-backed securities. This made mortgages more accessible to a wider range of borrowers and contributed to the growth of the housing market.
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