Ancient Origins
The word 'mortgage' comes from Latin meaning this.
What is 'dead pledge'?
Norman England used this term for a pledge where the land’s profits reduced the debt.
What is a living pledge (vadium vivum)?
Mortgages in colonial America were usually this kind of loan.
What is short-term, interest-only?
This government program refinanced failing mortgages during the Great Depression.
What is the Home Owners’ Loan Corporation (HOLC)?
Freddie Mac was created in this decade.
What is the 1970s?
This civilization pledged crops or land for loans.
What is Mesopotamia (or Greece)?
A 'dead pledge' (vadium mortuum) meant the lender got profits but the borrower still owed this.
What is the full loan amount?
These wealthy individuals were most likely to qualify for early American mortgages.
Who are landowners?
The FHA standardized this type of loan.
What is the long-term, fully amortizing loan?
Adjustable-rate mortgages became popular in this decade due to high inflation.
What are the 1980s?
In Roman law, this happened to the pledge once the loan was repaid.
What is it 'died' (became void)?
Mortgages in medieval England were enforced under what system of law?
What is English common law?
The typical repayment method at the end of colonial mortgages.
What is a balloon payment?
Fannie Mae was created in this year.
What is 1938?
Risky subprime loans helped cause this crisis.
What is the 2008 Financial Crisis?
Ancient secured lending practices influenced which country’s later mortgage laws?
What is England?
This era gave us the foundation for America’s mortgage system.
What is the Middle Ages (England)?
Mortgage lending expanded in the U.S. during this century.
What is the 19th century?
Veterans used this program to buy homes after WWII.
What is the GI Bill (VA loans)?
Today, these three government-sponsored enterprises dominate the secondary mortgage market.
What are Fannie Mae, Freddie Mac, and Ginnie Mae?
This ancient civilization is credited with some of the earliest recorded property loans secured by land.
What is Mesopotamia?
The English mortgage system influenced this future nation’s housing finance structure.
What is the United States?
Foreclosures in early America were especially common during these events.
What are economic downturns or depressions?
This secondary market institution was established in 1970 to expand mortgage liquidity.
What is Freddie Mac?
Technology has changed mortgages today by allowing this type of faster application process.
What is online/digital mortgage lending?