Missouri Law Review
Using land to secure loans has been a particularly durable human institution. Mortgages 1 have existed since antiquity, 2 primarily because land generally retains its value and is permanent and immovable. In societies with largely nonmonetary economies, such as feudal England, land also has been particularly valued as a source of livelihood and of power. Therefore, land has been and continues to be desirable security for loans.
Ann Burkhart, Lenders and Land, 64 Mo. L. Rev. 249 (1999), available at http://scholarship.law.umn.edu/faculty_articles/255.