Mortgages

Mortgages

For most of history, the property is the exclusive privilege of the aristocratic elite. If the old class system based on ownership of the elite was shaped by Britain, launched the democratization of property in the U.S.. Before the 1930s, only about 40% of U.S. households belonged to the owner occupiers. Mortgages were short, usually three to five years. People pay interest and principal is returned at the end of the term of the loan. The people who borrowed money to buy homes in the 1920s, found themselves in big trouble when the Great Depression arrived.