The American mortgage
Chapter 1
The birth of the 30-year loan
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Chapter 2
How the money actually flows
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Chapter 3
The invisible giant in the background
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Chapter 4
Navigating your mortgage choices
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YOUR GOAL
Master of The American mortgage
Ch 1 · The birth of the 30-year loan
sloane American 30-Year Mortgage Loan
Fixed rate, thirty years, Goodbye, old mortgage fears! FHA helped it bloom, A stable living room!
Fun Fact
Mortgage translation: The word mortgage literally comes from Old French words meaning 'death pledge,' coined by medieval lawyers.
Glossary
mortgage (noun)
A legal agreement in which a person borrows money to buy property and repays it over time. The Federal Housing Administration introduced the thirty-year amortized version in 1934 during the Great Depression.
A legal agreement in which a person borrows money to buy property and repays it over time. The Federal Housing Administration introduced the thirty-year amortized version in 1934 during the Great Depression.
Quiz
Which US government agency, created in 1934, popularized the long-term amortized mortgage?
Quiz
During the peak of the Great Depression in 1933, approximately how many US home mortgages foreclosed each day?