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advanced economies, the main source of capital used by individuals 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 county equity home loan orange your debts 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, a law professor at the University of California-Los Angeles. ``They didn't county equity home loan orange think about it.'' There are many types of mortgage loans. The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM). In a FRM, the interest rate, and county equity home loan orange monthly payment, remains fixed for the life (or term) of the loan. In the U.S., the term is usually for 10, 15, 20, or 30 years. In the UK the fixed term can be as short county equity home loan orange 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 period 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, and the Treasury Index ("T-Bill"). Other indexes like 11th District Cost of county equity home loan orange Index, COSI, and MTA, are also available but are less popular. Adjustable rates transfer part of county equity home loan orange interest rate risk from the lender to the borrower, and thus are widely used where unpredictable interest rates make fixed rate loans difficult to obtain. Since the risk is transferred, lenders will usually make the initial interest rate of the ARM's note anywhere from 0.5% to 2% lower than the average 30-year fixed rate. In most scenarios, the savings county equity home loan orange an ARM outweigh its risks, making them an attractive option for people who are planning to keep a mortgage for ten years or less. A