50-year mortgages to end foreclosures

Foreclosure is not the solution.

Banks are not in the real estate business or want to be. Foreclosing on people's homes does not get the banks the money loaned on mortgages.

An innovation could be to structure 50-year mortgages through refinancing.

A monthly payment could be as low as $500 a month.

Attached with a balloon payment that is realistic in five to 10 years out.

Times change in five to 10 years. Just look back. The time has come for new ideas.

Louis Clarizio Jr.

Schaumburg