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and small companies to purchase and improve land and buildings is mortgages -- bank loans for which the real property itself constitutes collateral. Negative amortization loan ``Don't count on being able to walk away from your american equity private by filing bankruptcy,'' said Melissa Richards, general counsel for the California Mortgage Bankers Association. ``I think you have thousands and thousands of people who refinanced and this didn't even enter into their equation,'' said Grant Nelson, american equity private law professor at the University of California-Los Angeles. ``They didn't even think about it.'' There are many types of mortgage loans. The two basic types american equity private amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM). In a FRM, the interest rate, and hence monthly payment, remains fixed for the life (or term) of the loan. In the U.S., the term is usually for 10, 15, american equity private or 30 years. In the UK the fixed term can be as short as five years, after which the loan reverts to a variable rate (which makes the loan an ARM). In an ARM, the interest rate is fixed for a american equity private of time, after which it will periodically (annually or monthly) adjust up or down to some market index. Common indices in the U.S. include the Prime Rate, the LIBOR,