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Akron, OH - Evicted 90 Year Old Woman Shoots Self, A Symbol of the Nation's Home Mortgage Crisis. Fannie May: We Forgive The Loan |
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Last updated on: Oct 03, 2008 at 06:49 PM
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Akron, OH - A 90-year-old Akron, Ohio, woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home became a symbol of the nation's home mortgage crisis Friday.
Addie Polk is being treated at Akron General Medical Center after shooting herself at least twice in the upper body Wednesday afternoon, her city councilman said.
U.S. Rep. Dennis Kucinich, D-Ohio, mentioned Polk on the House floor Friday during debate over the latest economic rescue proposal.
"This bill does nothing for the Addie Polks of the world," Kucinich said after telling her story. "This bill fails to address the fact that millions of homeowners are facing foreclosure, are facing the loss of their home. This bill will take care of Wall Street, and the market may go up for a few days, but democracy is going downhill."
"There's a lot of people like Miss Polk right now. That's the sad thing about it," said Akron City Council President Marco Sommerville, who had met Polk before and rushed to the scene when contacted by police. "They might not be as old as her, some could be as old as her. This is just a major problem."
In 2004, Polk took out a 30-year, 6.375 percent mortgage for $45,620 with a Countrywide Home Loan office in Cuyahoga Falls, Ohio. The same day, she also took out an $11,380 line of credit.
Over the next couple of years Polk missed payments on the 101-year-old home, which she and her late husband purchased in 1970. In 2007, Fannie Mae assumed the mortgage and later filed for foreclosure.
U/D 5:47 PM
Fannie Mae announced this afternoon that it will forgives the loan for the woman.
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Read Comments (14) — Post Yours »
1
Oct 03, 2008 at 05:29 PM Anonymous Says:
Vey is mir! What's next?!!
2
Oct 03, 2008 at 05:37 PM Anonymous Says:
How does a bank give a 30 year mortgage to an 86 year old woman??
3
Oct 04, 2008 at 05:42 PM Anonymous Says:
“ How does a bank give a 30 year mortgage to an 86 year old woman?? ”
That was part of the whole problem and mess they are in right now!
4
Oct 04, 2008 at 02:40 PM yeapb Says:
“ How does a bank give a 30 year mortgage to an 86 year old woman?? ”
yeah, I kind of wondered that too!!
5
Oct 04, 2008 at 07:38 PM Anonymous Says:
what is this world turning into!!
6
Oct 04, 2008 at 08:14 PM Anonymous Says:
Can I threaten to shoot myself and get my mortgage forgiven?
7
Oct 04, 2008 at 08:14 PM Anonymous Says:
Can I threaten to shoot myself and get my mortgage forgiven?
8
Oct 04, 2008 at 08:40 PM Anonymous Says:
awww...so sweet of fannie may- I agree there are gonna be a lot of copy-cats, don't try this at home!
9
Oct 04, 2008 at 09:10 PM Mrs. Kuchelefel Says:
Isn't it nice how Fannie Mai is forgiving the loan and they aren't even in business. So who are they to be nice now?
maybe the CEO who made 27 million dollars in 11 days can be nice and help a few old ladies out of their crisis before more of them start shooting themselves.
10
Oct 04, 2008 at 09:19 PM SheeseNisht Says:
The reason 86 year old people can get a mortgage is that in the past a mortgage was provided based on value of the property and equity that a borrower had in the property. So an elderly person or a young person would receive mortgage money if these parameters were met. So if an elderly person closes on a mortgage and takes the money and immediately sends it to his Talmid Chochem grandson who sits and learns 24/7, and the elderly person simply keels over from the naches of watching his grandson do nothing for himself and his family, and the mortgage goes unpaid, the bank simply evicts the widow of the elderly person and auctions the house in a forclosure sale.
The great part about this scenario is that the grandson remains unscathed since he already used up all the money on himself, and his large family " Kain Yirbu".
His poor grandmother can easily live in the street, afterall how much space does an old grandmother need. Believe me there are many homes that are in or near forclosure. Parents and grandparents can't do enough for their wonderful and useful children and grandchildren who think that work was something that the prior generation had to do. Kinderlach, keep it up, but remember when the money runs out, you may be on the street 24/7, with no skills but the talent to leach off of parents, in laws and grandparents. By then s'vet gornisht helfin.
11
Oct 04, 2008 at 10:01 PM yenta Says:
I want to die since I can't pay my bills *nd nobody cares
12
Oct 04, 2008 at 11:51 PM bigwheeel Says:
“ I want to die since I can't pay my bills *nd nobody cares ”
I care. Does that help pay your bills? A few Dollars in the bank would!
13
Oct 04, 2008 at 11:49 PM bigwheeel Says:
“ How does a bank give a 30 year mortgage to an 86 year old woman?? ”
Because they believed she was going to have a long life (arichas yomim)!
14
Oct 05, 2008 at 02:08 AM ESQ Says:
To number 2 just because an old person gets a long term long does not mean it will last that long the average mortgage lasts something like 5 years.
The question is also did she really qualify? If she did this as the Sheriffs were putting her out -- While I cannot speak for Ohio in Michigan where I live, That means the Bank most likely made an effort to collect their loan, maybe offered a workout etc. . . A redemption period passed, a Sheriff' s sale took place, She was sued a judgment was entered and writ of restitution issued. This process could take close to a year after first falling behind so that she may have been living in her house for free for more than a year. Instead of shooting herself she should have dealt with the problem early on.
TO #10
While I kind of agree with you , many yungerliet deserve to be supported in their learning -- These are alos the ones who understand when it is time to leave Beis Medrash and make their way in world
15
Oct 06, 2008 at 11:54 AM jimmy37 Says:
Call me callous, but without all the information regarding this woman's situation, forgiving the mortgage is the wrong thing to do. I want to know what happened to all the money and why she qualified in the first place. All we have is bleeding-heart liberals like Kucinich crying how people can't pay their mortgage. Nothing is said about these thieves taking out mortgages they couldn't afford in the first place. Nothing is said about these people spending more money than they make and their house of debt falling on them. No nothing at all is said. I wish someone would give me money to waste.