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Show Let's Lighten the Mortgage Load This year, and every year, the American people must pay up about thirteen and a third billion dollars on mortgages mort-gages falling due. It is estimated that outstanding mortgages total about $80,000,000,000, and that the average life of a mortgage is six years. Most of today's mortgages were made in good times, when the dollar was cheapj and plentiful. They must be paid in hard times, when the dollar is expensive and scarce. Thus, debtors suffer and creditors gain unfairly. Similarly, those who borrow today may gain and their creditors lose if dollars again become plentiful and cheap. Wouldn't it be better if we extended the life of the average aver-age mortgage to 15 years, or even 20 years? Iu Europe, the usual practice is to write a 20-year mortgage, making it payable at so much a year, so that at the end there is little to pay. This system makes it easier for the debtor and safer for the creditor. Under our present system, the annua! demand for huge money payments is staggering, especially in times like these. A saner system would benefit everyone. I |