Title

A Very Brief Legal and Social History of Mortgage

Document Type

Book Chapter

Publication Date

2017

Editor(s)

Daivi Rodima-Taylor & Parker Shipton

ISBN

9780692861998

Publisher

BU Working Group on Land Mortgage and Financial Inclusion

Language

en-US

Abstract

Probably in every time when and place where an individual current possessor of land has had the ability to sell that land -- free of the claims of family members, social superiors, or others -- the current possessor has had the power to borrow money by putting up the land itself as a pledge or security for repayment of the loan. In past centuries, such arrangements were extreme last resorts when all other resources and recourses had been exhausted, and even then were usually transacted with lenders already known personally to the borrowers. What became much more common since the first half of the nineteenth century are the expectation that nearly every land-holding individual will use such an arrangement, the impersonality of the transaction, and its regular and ordinary use for the initial purchase of housing.

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