National Mortgage Day

A couple standing in front of a charming house, holding a mortgage contract, dressed in professional attire, suburban neighborhood setting.
National mortgage day illustration

Welcome to the wacky world of National Mortgage Day! Get ready to dive into the fascinating realm of finance, property, and all things mortgage-related. Prepare yourself for a whirlwind tour through the history of this important day, as well as some fun and quirky tidbits along the way.

When is Mortgage Day?

It's national mortgage day on the 29th June.

The Origins of National Mortgage Day

Have you ever wondered how National Mortgage Day came to be? Well, you're about to find out! This special day is all about celebrating the joys and challenges of homeownership and the importance of mortgages in making those dreams come true. Whether you're a first-time buyer or a seasoned homeowner, National Mortgage Day is the perfect occasion to reflect on the journey of acquiring and paying off a mortgage.

The Internet Buzz

Back in 2015, the internet was buzzing with excitement over National Mortgage Day. With 132 mentions online, people couldn't help but share their thoughts, tips, and experiences related to the world of mortgages. The peak of the online chatter happened on June 29, 2015, making it a memorable day for mortgage enthusiasts everywhere.

Did You Know?

Did you know that the world's most expensive mortgage belongs to a luxury penthouse in London? This lavish residence, located at One Hyde Park, was purchased for a whopping $221 million! Talk about a mortgage that requires some serious financial planning and dedication!

History behind the term 'Mortgage'


Origins in Old French

The term 'mortgage' traces its roots back to the Old French word 'mort gage,' which literally translates to 'dead pledge.' This term was used to describe a loan agreement in which the lender held the right to take possession of the borrower's property in the event of default.


The Birth of the Term 'Mortgage'

In the year 1190, the term 'mortgage' first came into existence. It originates from the Old French words 'mort' and 'gage,' which when combined mean 'dead pledge.' This term was used to describe a loan agreement in which property, typically land or real estate, was provided as security. The term 'mortgage' was derived from the fact that the land or property would be forfeited if the borrower failed to repay the loan.


The Origins

The term 'mortgage' has roots dating back to medieval England in the late 12th century. The word is derived from the Old French word 'mort gaige,' which loosely translates to 'dead pledge.' In this era, a mortgage was essentially a borrowing agreement in which the borrower pledged property as collateral. If the borrower failed to repay the debt, the property would be forfeited to the lender.


The Expansion of Mortgage Lending

During the late 17th century, mortgage lending began to expand rapidly. It became a common practice for individuals to borrow money against their property, allowing them to access funds for various purposes such as business ventures or home improvements. The concept of mortgage as a form of secured borrowing gained popularity, and its usage spread across Europe.


Evolution of the Word

The word 'mortgage' began to take its modern form in the English language during the late 17th century. It was used to refer to a legal agreement in which a borrower discharged a debt by conveying an interest in property to a lender, with the provision that the property would be returned once the debt was repaid.


The Brick Dust Myth

In the early 17th century, a myth arose regarding the origin of the term 'mortgage.' According to the myth, mortgage came from a combination of 'mort' (meaning death) and 'gage' (meaning pledge), signifying that the pledge dies once the debt is repaid. Although this explanation gained popularity, it is merely a folk etymology and not linguistically accurate.


Permanent Transferability

In 1660, the legal concept of 'mortgage' was further refined with the introduction of the Mortmain and Charitable Uses Act in England. This act allowed landowners to freely transfer mortgaged property, granting the borrower the ability to sell or convey the property while still under the mortgage agreement. This innovation greatly facilitated land transactions and increased the appeal of mortgages as a means of obtaining funds.


The Rise of Fixed-Rate Mortgages

In the early 1930s, the United States experienced a significant financial crisis known as the Great Depression. This crisis led to widespread foreclosures and a collapse of the housing market. As part of the New Deal initiative to stabilize the economy, the Federal Housing Administration (FHA) was established, introducing the concept of fixed-rate mortgages. This innovation allowed homebuyers to secure loans with a fixed interest rate over a long-term period, making homeownership more affordable and stable for many Americans.


Rise of Mortgage Industry

In the 1930s, the mortgage industry experienced significant growth in the United States. This was largely due to the establishment of government-backed programs, such as the Federal Housing Administration (FHA) and the Home Owners' Loan Corporation (HOLC), which aimed to stimulate home ownership and provide affordable mortgage options to citizens.


The Advent of Mortgage-backed Securities

During the 1970s, the mortgage industry underwent a significant transformation with the emergence of mortgage-backed securities. These securities were created by pooling together numerous individual mortgages and selling them to investors as a single financial product. This allowed lenders to free up capital and expand their lending capabilities. The development of mortgage-backed securities played a crucial role in increasing liquidity in the mortgage market, stimulating homeownership and spurring economic growth.


Securitization and Secondary Mortgage Market

The 1970s marked a major shift in the mortgage industry with the advent of securitization and the creation of a secondary mortgage market. Mortgage-backed securities (MBS) were introduced, allowing lenders to sell bundles of mortgages to investors. This development provided increased liquidity to the mortgage market and facilitated the expansion of home ownership.


Federal Housing Administration

The Federal Housing Administration (FHA) was established in the United States in 1934 as part of the New Deal. The FHA introduced the modern concept of mortgage insurance, which provided protection to lenders against borrower defaults. This innovation led to increased homeownership rates by reducing the risk associated with lending and played a crucial role in shaping the mortgage industry as we know it today.


The Subprime Mortgage Crisis

The year 2008 marked a significant event in the history of mortgages with the outbreak of the subprime mortgage crisis. Predatory lending practices, combined with lax regulation and the bundling of high-risk mortgages into complex financial products, led to a global financial meltdown. The crisis highlighted the importance of responsible lending practices and resulted in significant reforms in mortgage regulations to prevent such events from occurring in the future.


Global Financial Crisis

The year 2008 witnessed a significant milestone in the history of mortgages with the eruption of the global financial crisis. Irresponsible lending practices, particularly in the subprime mortgage market, led to a wave of mortgage defaults, foreclosures, and a subsequent collapse of financial institutions. This crisis had far-reaching implications for the mortgage industry and the global economy as a whole.


The Subprime Mortgage Crisis

In 2008, the world witnessed a devastating financial crisis known as the Subprime Mortgage Crisis. It began with a significant increase in mortgage defaults and foreclosures, primarily driven by lending practices that allowed individuals with low creditworthiness to obtain mortgages, known as subprime mortgages. This crisis had far-reaching impacts on the housing market and global economy, leading to significant regulatory changes and reforms in the mortgage industry to prevent similar events in the future.

Did you know?

The world's most expensive mortgage belongs to a luxury penthouse in London, purchased for $221 million!


fun finance property

First identified

28th June 2015

Most mentioned on

29th June 2015

Total mentions


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