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A mortgage loan or, simply, mortgage () is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)". Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants, or an investment portfolio). The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender's rights over the secured property take priority over the borrower's other creditors, which means that if the borrower becomes bankrupt or insolvent, the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first. In many jurisdictions, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets for mortgages have developed. Mortgages can either be funded through the banking sector (that is, through short-term deposits) or through the capital markets through a process called "securitization", which converts pools of mortgages into fungible bonds that can be sold to investors in small denominations.
Daylight saving time (DST), also daylight savings time or daylight time (United States) and summer time (United Kingdom, European Union, and others), is the practice of advancing clocks during summer months so that evening daylight lasts longer, while sacrificing normal sunrise times. Typically, regions that use daylight saving time adjust clocks forward one hour close to the start of spring and adjust them backward in the autumn. In effect, DST causes a lost hour of sleep in the spring and an extra hour of sleep in the autumn.George Hudson proposed the idea of daylight saving in 1895. The German Empire and Austria-Hungary organized the first nationwide implementation starting on April 30, 1916. Many countries have used it at various times since then, particularly since the 1970s energy crisis. DST is generally not observed near the equator, where sunrise times do not vary enough to justify it. Some countries observe it only in some regions; for example, parts of Australia observe it, while other parts do not. Only a minority of the world's population uses DST; Asia and Africa generally do not observe it. DST clock shifts sometimes complicate timekeeping and can disrupt travel, billing, record keeping, medical devices, heavy equipment, and sleep patterns. Computer software often adjusts clocks automatically, but policy changes by various jurisdictions of DST dates and timings may be confusing.