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Banking

Treasury Secretary Geithner testified in front of the House Financial Services Committee again today reporting that the nation needs stronger regulatory oversight of the financial services industry.

Commercial Mortgages

Some of the non bank options boast fixed periods up to 10 years, with amortization schedules as long as 30 years... This added security via the long term fixed rates and increased cash flow, by spreading out the amortization schedule to 25 - 30 years, often comes out to an approximate 20% savings in payment. In addition, most of these sources will not go after side business such as checking or saving deposits.

There are down sides to many of these programs however, to be fair. Rates are typically 50 to 100 basis points higher (.5% - 1%) than typical banks loan. Prepayment penalties are often, more expensive as well, though negotiable. For many, however the longer fixed periods and lower monthly payments are still very attractive and compel borrowers to seek this route of financing.

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Borrowers need to realize that there are other sources of capital besides their local bank. Life insurance companies, government backed programs, non bank lenders and foreign banks/lenders can provide some interesting commercial mortgages.

For example, typical bank commercial mortgages are now limited to 5 year fixed rates with amortization schedules at 15 - 20 years. On special purpose properties such as hotels, restaurant, most are now only offering adjustable rates. And of course we're talking about the 10- 20% of the banks that are actually still lending. The rest are either facing their own cash flow, capital issues or are just waiting it out on the sidelines.

The Four R’s – The Reasons We Pay Taxes

The concept of taxation dates back to ancient times and it had a large impact on the creation of the United States. I mean, who hasn’t heard the phrase “no taxation without representation,” at least a dozen times in grade school? But how often do we stop and think about the real reasons we pay taxes? In fact, there are four main ideological reasons we pay taxes, and in this entry I have examined each of those four reasons. .