o offense to the people who wrote this article, but (to a layman) it reads like it was translated (badly) from another language. Just try the 2nd paragraph:

At common law, a mortgage was a conveyance that on its face was absolute and conveyed a fee simple estate, but which was in fact conditional, and would be of no effect if certain conditions were met --- usually, but not necessarily, the payment of a debt by the original landowner. Hence the word "mortgage," Law French for "dead pledge;" that is, it was absolute in form and in theory required no further steps to be taken by the creditor.

Can someone who understands it better than I please clarify the article. (I would if I know more about them)

Can anyone add the history of mortgages? I know they were not known under Roman law; I know that one pope had to issue special bulla to allow mortgages in Poland - i know that they were popular in Poland since XIV or XV century, the same with Bohemia, and that Polish laws on mortgage were partly then adopted by Prussians (and Austrians too?)

I've heard that most US mortgages are based on a 360 day year. Using the equations provided, they match with numbers of an amateurization schedule that supposedly fit a 360 day year calculation. Does anyone know the specifics of this?-

I wanted to comment on the following: In legal terms, the creation of a mortgage gives the legal title of the land to the mortgagee and an equitable title (called "equity of redemption") to the mortgagor. The legal title, however, only exists as a security for a debt and does not convey any title or powers associated real property.