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So far as the borrower is concerned, these mortgages are no different from any other similar method of financing. If payments are not made regularly and promptly, foreclosure proceedings will be started. Large insurance companies or savings and loan associations also issue fifteen to twenty year first mortgages, amortized over the period by monthly, quarterly, or semi-annual payments.
The capital sunk in the huge plants which supplied the belligerents represented, at $150,000,000, an outlay amortized or included in the price at which the munitions were sold. Thus, when the last foreign contract was fulfilled, the United States would have at its own service one of the world's greatest munition industries and Europe will have paid for it.
The railways and dynamite factory to be expropriated as soon as possible the loans required thereto to be amortized within twenty years, and pending those expropriations the freights upon coal and oversea goods shall be reduced 10 per cent, and the price of explosives 20s. per case, these reductions to be met from the revenue accruing to the burgher estate from the tax upon mining profits.
These mortgages are amortized over periods of ten, fifteen, and twenty years and the borrower must make specified monthly payments that include taxes, interest charges, and amortization. They are not available in all sections because some local banks hold that they conflict in details with other banking regulations.
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