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is subordinate to another loan against the same property. More specifically, the second loan in sequence. In real estate, bank of canada prime rate property can have multiple loans against it. The loan which is registered with county or city registry first is called the first mortgage. The loan registered second is called the second mortgage. A property can have a third or bank of canada prime rate fourth mortgage, but those are rarer. Second mortgages are called subordinate because, if the loan goes into default, the first mortgage gets paid off first before the second mortgage gets any money. Thus, second mortgages are riskier for the lender, who generally charges a higher interest rate. Almost 36 million taxpayers claimed the deduction in 2003, according to the most recent statistics bank of canada prime rate by the Internal Revenue Service. The President's Advisory Panel on Federal Tax Reform urged the administration to do away with the deduction and replace it with a credit worth 15 percent of interest paid during the bank of canada prime rate They would scrap the deduction for property taxes, too. Working in the mortgage business, Simmons knows and trusts the safeguards her industry provides. At common law, a mortgage was a conveyance of land that on bank of canada prime rate 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 bank of canada prime rate met --- usually, but not necessarily, the repayment of a debt to the original landowner. Hence the word "mortgage," Law French for "dead pledge;" that is, it was absolute in form, and unlike a "live gage", was not conditionally dependent on its repayment solely from raising and selling crops or livestock, or of simply giving the fruits of crops and livestock coming from the land that was mortgaged. The mortgage debt remained in effect whether or not the land could bank of canada prime rate produce enough income to repay the debt. bank of canada prime rate theory, a mortgage required no further steps to be taken by the creditor, such as acceptance of crops and livestock, for repayment. In many U.S. states, however, a mortgage has been converted by statute to a device for creating a security interest in land. When