I don’t know i f a100 year mortgage can be considered traditional.
The japanese didn’t do IO’s or neg-am, but they were stretching out the life
of mortgages something maniacal.
Now the reason people don’t kibosh on debt in japan, is there is
effectively no bankruptcy statute.
Western tradition allows debts to be forgiven every 7 years, which was
also the length of indentred servitude, which was the term for bankruptcy
cycles.
The Asian tradition is that bankruptcy is a permanent stain on not just
you but your children. If you go bust, the chance of your kids
marrying drops significantly.
