90 Year-Old Woman Shoots Self Inside Foreclosed Home »
Posted By TimALoftis 1 year, 10 months ago in FamilyA 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.
On Friday, Fannie Mae spokesman Brian Faith said the mortgage association had decided to halt action against Polk and sign the property "outright" to her. "We're going to forgive whatever outstanding balance she had on the loan and give her the house," Faith said. "Given the circumstances, we think it's appropriate."
Meanwhile, U.S. Rep. Dennis Kucinich, D-Ohio, mentioned Polk on the House floor Friday during debate over the latest economic rescue proposal. You can learn more about this tragic incident in the CNN video below.
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TimALoftis
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not2needy1 year, 10 months ago
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How sad!
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One thing i don't understand.. Why would Countrywide Home Loans give this woman a 30 year 45,000$$ loan on her house in 2004, she was 86 years old! Perfect example of predatory lending, IMO! It seemed to backfire on them though.-
PsychoHosebeastComment removed: Spammer, Abusive29 Replies
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invisibleink1 year, 9 months ago
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I'm sorry but it's quite obvious that you don't understand what "predatory lending" truly is. There are such things as Fair Housing laws which state that lenders cannot discriminate against a person's age, race, or other important characteristics (sexual orientation, etc.)when underwriting a loan. Sure, an 86 year old might not make it to the end of their 30 year mortgage term, but that's not a legitimate reason to deny someone a loan.
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DilipNandi1 year, 9 months ago
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Hi, she was given a 30 year mortgage because it offered the lowest payment and it was fixed.
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That is not predatory lending. Predatory lending is when a lender or loan officer structures a loan to where the applicants equity is being stolen by excessive fees and/or interest rates. Or is given a loan program that the borrower will not be able to repay should there be an adjustment in their interest rate or repayment schedule such as a balloon.
Those are examples of Predatory Lending. -
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apryk1 year, 9 months ago
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Hi,
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I feel so bad for this woman! I have been in the mtg business for 8 years and trust me - we are not all out to get people and take advantage of them. That being said - anyone over the age of 62 is able to apply for a reverse mtg that will enable them to no longer make payments on their property. I could spend alot of time going into it here, but the bottom line if if you are 62 or older - pls look into this and if you need help pls let me know and I can get you to the right person. I make nothing on giving you info your getting you to the people that can help you - I simply want to help. Please email me at processingcolo@aol.com. I can help if you let me. That being said - yes the family should have been there for her - and yet we don't know their take on this - not that it would make much difference right now - she felt she was trapped an that means no one was there for her family or not. -
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kids20081 year, 9 months ago
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The mortgage company is required to take an application for whoever applies. It would be discriminatory to not take one based on age, race, religion, gender, etc. A 90 year can apply for a 30 year mortgage and if they meet the income and credit qualifications, we have to give them the loan.
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apryk1 year, 9 months ago
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Hi,
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I couldn't figure out how to do my own entry - so I am replying to yours - I have no issue with your comment. Ok first of all Covette0719: You say you are an ex appraiser? How is it that you have absolutly no clue as to how a reverse mortgage works? When a person over the age of 62 applies for a reverse mortgage - they A) go through mandatory counseling on the issues of exactly what the reverse mtg is. B) Once applied and accepted/ closed - there will never be another payment made on that house (unless they need to secure a 2nd mtg to help cover what the pay off on the 1st and 2nd will not cover - equity wise) on the property. I have no clue where you get your info, but pls rethink the source. Now that being said the borrower has to stay in the property for the reverse mtg to be in effect. If the borrower is no longer able to stay in the property due to passing away or being placed somewhere else to be cared for, then the inheritatants (ie; children, trust, etc) have the option to seek regular lending choices to pay off the reverse mtg, and keep the property in the family or sell the property. If they choose not to do that, then the property will revert to the forclosure process. Also, regarding the negitive am issue - Yes, the property will incurre negitive am issues, month, year after year - but the amount that the property appraised for when the reverse mortgage was done is the amount that the loan can never supceed. Meaning - If for example your reverse mtg appraised value came in at $ 200,000.00 and you went X amount of months or years on the reverse mortgage and come the end of that term and you are looking to sell it, refi it or let it go into forclosure then let say that the negitive am has put the loan amount owed up to $260,000.00 - this means when the reverse mtg was done the goverment took out a insurance policy on this property that would kick in and cover any balance that was over the appraised amount - so the borrower or anyon heir will never pay that the government has come in and said that you will never pay higher than the org appraised value of $ 200,000.00 no matter how much neg am is on there. -
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BERTHAB1 year, 9 months ago
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FYI
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Banks cannot discriminate on "age" when issuing a loan. I was shocked to learn that my parents were able to secure a thrity year mortgage ate age 80. My parents lost their home during Katrina......a home that they had lived in for 45 years and that was paid for. They wer fully insured and got the maximum on their flood insurance The insurance money was not enough to repair.rebuild or purchase new home, The happened to a lot of people...a lot of ederly lost home. Although my parent got a standard loan, SBA (through the Fed Govt) was issuing many to hurricane victims,......and many of them were ederly -
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whoknew621 year, 9 months ago
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In reply to the very 1st comment. "Why would they lend an 86 year old woman , a 30 year loan. You could not get a better example of why this country is in the crisi it is in. Not to say I can predict the future. But this small business man told those near to him,,we will be in a Depression,,NOT a ression, not too far away from now. That was over two years ago.
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I could care less why she needed the money. For those that think she is the crooked one? OH well. You do not get it. Quite simply, the banks decided they would steal as many homes as they could,,and it backfired on them. I could tell you plenty of other stories about Liscense to steal practices lenders use, but the main focus seems to be on the Home forclosure thing. More to it, but that will suffice. At this point, these liscensed convicts had no other choice but to give her the home,do the right thing, as it is a big story, and at an Important time. (The election still has not been decided.)
BUT, what gets me? Is though wall street and these Political jerks, try to talk in a manner, that the public in general, will not quite understand. Not only did they rob once, But with 2 months left in office, this clown says,,lets getum again, and finish off the seperation of the classes. What does the American public do? It allows it to happen. DUH!!! OKAY,,WE HAVE TO DO WHAT YOU GUYS SAY,,AND FAST,,CAUSE YOU SAY SO??? Are you freaking kidding me?? Beliving these BS, that this is going to start wonderful lending practices,, and was nessessery. There were PLENTY of alternatives. There is NO rush. And Giving more money,we do not have,, is not the answer. This just gives the rich enough time to dump there garbage, the inevitable comes regardless with this plan. Though I am not sure this many years of robery by those in power could be reversed. Not for quite a while at least, and with Ethical people behind the wheel.
Regards,, Discusted (PS, Jessee Ventura? I think I need to read your book, Dont start the revolution without me.) I wonder if these basturds feel for what theve done to the latter year memories of this 90 year old woman, that already made it through one depression. -
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lynn651 year, 9 months ago
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the bank gave her the loan knowing they would end up with it anyway more then likely..and were is her family was a good question..prouble the reason she needed the loan. to bail someone outta trouble..our banks dont work to keep our familys in homes they work to take what helps them..our country has come down to you gotta kill yourself to get any help..there should be stricter guide lines on loans to eldrly people and shouldnt be against the only home they own knowing they will be homless at this age..i hope the pencil pusher on ths loan is happy with the results..
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baddaughtr1 year, 9 months ago
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not2needy....if you truly are a retired social worker I'm afraid to know where you got your education and would not want you as my worker...especially if I were 86. Giving a 30 year mortgage to an 86 year old woman is called 'equal lending opportunity'...not "predatory" as you say. Had she been told no - she could only get a 10 year mortgage because of HER AGE (Helloooo) - that would be discriminatory. Don't preach what you don't know. Would you deny her assistance because of her age?? I don't think so...and if you did, I would LOVE to be her attorney.
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tessti11 year, 9 months ago
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A mortgage company cannot discrimate against someone at least of legal age to sign a contract. Being 86 has nothing to do with getting a mortgage. Property value and creditworthiness are the two biggest factors to qualify for a loan.
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funchsr1 year, 9 months ago
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People, I worked in a loan "workout" department, and I can say that some banks usually do what they can to make a deal with the creditor because they DON'T want to take the property.
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And the person saying that the bank cannot discriminate because of age is correct. If you didn't know...non credit union banks have an alphabet of Federal Rules and Regulations that they go by.
The simple rule of thumb..if you can't afford it - don't buy it. -
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lmc18fan1 year, 9 months ago
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You cannot consider someones age when they apply for a loan, THAT is against the law. (you cannot consider age, race, marital status, etc.) Since this loan was sold to FannieMae, the lady must have met the loan guidelines at the time she took out the loan. Don't think that every loan taken out was fraud on the lenders fault. Most of those loans were sub-prime loans and those loans were not sold to FannieMae and FreddieMac. You need to do your own research considering the mortgage problems, not listen to all of the liberal news sources.
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TimALoftis1 year, 9 months ago
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CNN is now reporting that Fannie Mae is going to forgive the loan made to this lady.
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http://www.cnn.com/2008/US/10/03/eviction.suicide....-
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kasinkathy1 year, 9 months ago
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Too bad Fannie Mae did not consider forgiving the loan before she took such desperate action. I understand the legality of giving her a loan, and the reasons she might seek one, but there should have been some assistance to help her manage her expenses, so that things would not have gotten to this point. Does she have a family? Or anyone who cares about her for that matter?
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nationofwhiners1 year, 9 months ago
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Ummm. Sorry, but you can place a lot of the blame on liberals, democrat or republican, for the pressure applied by the likes of Barney Frank and Christopher Dodd to give everyone a mortgage regardless of credit, ability to pay because lord knows it's a god-given right to have a house. Makes you wonder that if you're unstable enough to shoot yourself that we knee-jerk and say o.k. keep the house. This doesn't work with 2 year olds, what makes people think this isn't going to have more repercussions throughout our country
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bigbusgirl1 year, 9 months ago
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I agree, I have the money every month to pay my mortgage but then what do I do next pay my electric or get oil or buy a space heater to lower my oil bill for the winter or hell just shoot myself in the stomach and hope that the mortgage company will write off my $210,000 mortgage then I could get all the food oil and buy my kids a great christmas. Nothing against that old lady but shame on her for doing that to herself and her family
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LadyWolfDancer1 year, 9 months ago
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Exactly. This is infuriating....if she wanted to die, she could have done it right, people do every day....she wanted to play drama queen and shirk the responsibility. How nice for her that it worked out the way she wanted. It is nauseating.
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nicepeach21 year, 9 months ago
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Amen, finally some sense and obviously not from politicians who could care less as long as they are at the trough. I like what Sarah Palin said in the debate, teaching responsibility which we have long forgotten. The government is guilty of overspending and so are the people. God help us.
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corvette07181 year, 9 months ago
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As I worked in the industy as an appraiser, I will tell you exactly what happened. They came out with this reverse mortgage loans for the elderly. Yeah right.. They tell them, they do not have to make a payment because they have so much equity in the house. So they take out a loan, as you say probably to help their children, grandchildren or whatever, thinking they do not have to make a payment. These poor people were preyed upon by mortgage brokers out to make a buck, not explaining everything to them, only that they did not have to make a payment. But now all the mortgage companies will get bailed out with this 700 billion dollar gift. Does that mean that all mortgages will now be paid in full? Or does it mean that the banks, mortgage lenders, etc are going to make big bucks again off of the people who are just trying to survive in the most powerful nation in the world.
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pa3387511 year, 9 months ago
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IT IS SO SAD THAT IT HAS TO COME TO THIS. WHY WOULD A LENDER AGREE TO FINANCE A HOME TO SOMEONE OF THAT AGE??? NOT TO DISCRIMINATE AGAINST THE ELDERLY BUT THE LENDER CLEARLY DIDN'T USE GOOD JUDGEMENT AT ALL IN THIS CASE. THEY WERE PROBABLY JUST EAGER TO MAKE A SALE.
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mickieh5131 year, 9 months ago
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first of all...it is against the law for a lender to deny an applicant based on age. If she is on a fxed income. her income is the same now as it was 10 yrs ago. Second and most important, I think it is sad that it takes someone trying to kill themselves for the mortgage association to work with work with the customer. They could have done something to help her beofre all of this happened.
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bdizzel1 year, 9 months ago
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no kiddin! shotgun, here i come. someone call sallie mae and tell them i shot myself over a few thousand bucks. granny must not have been too serious about it if she didn't even succeed in finishing the job! now she goes to the hospital (on the government/taxpayers) AND gets to keep her lovely home!!! pitiful!
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Patraleyeon1 year, 9 months ago
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what a sad story...I do agree, that is sort of predatory lending, but at the same time, if she has the income to qualify for a home and is not given the loan, then that's discrimination due to her age. However, I certainly hope people don't start shooting themselves in the hopes of Fannie Mae will give them their home "outright".
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sickofthispile1 year, 9 months ago
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Someone said this is just anther example of predatory lending...no, it's an example of Democrats helping the poor by loosening the mortgage lending guidelines so that anyone with a pulse could get a mortgage.
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Countrywide and any other mortgage lenders were required by Government guidelines to give this poor old lady a mortgage...they can NOT discriminate against her age!-
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MAM1 year, 9 months ago
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Incase you've been asleep the past 8 years....a REPUBLICAN has been in office the whole time. Our REPUBLICAN president is the one who managed to get us in this mortgage crisis. Saying it's about a democrat is pathetic and ignorant. Perhaps if people learned to take responsibility for their actions in this country these types of things would not be such an issue.
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cs061 year, 9 months ago
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You sound like a fool to blame the Democrats for the problems that we are having with foreclosures. If you idiots wouldn't elected such a ignorant president twice we would be in much better shape as a nation. I cannot stand people who have no compassion for the hard working people who deserve the same opportunities for homeownership as anybody else. It is the hard working americans who are dealing with the worst tax breaks and not to mention higher interest rates. You all supported a idiot who has spent all of our tax dollars in Iraq over a useless war. Do you all realize that this is the reason why America is in such a horriffic economic crunch? Don't blame the hard working americans because of higher gas prices, groceries, etc. We are working just to give it all away so the government can squander it all however they see fit.
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ADarkAria1 year, 9 months ago
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Before spouting off and proving to be an intellectual midget, it is always wise to research facts instead of fantasy when expressing a point.
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Delve into the vitriol and subterfuge of the likes of Barney Frank, Christopher Dodd, Maxine Waters, and Frank Raines to name a few on the issue you fault the current administration for. I am not a Bush proponent -- in fact far from it -- but in fairness, the facts of history speak volumes if you are educated enough to understand them.
Equipping yourself with knowledge goes much further than casting blame -
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willo19581 year, 9 months ago
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I FEEL SORRY FOR YOU. YOU DON'T GET IT, & YOU NEVER WILL. THEY, OUR GOVERNMENT IS A SINGLE ENTITY. AT THE END OF THE DAY, WHO BENEFITED FROM ALL OF THIS? BUSH & CONGRESS. THEY PLANNED IT TOGETHER & AT THE END OF THE DAY, THEY COUNT YOUR MONEY & LAUGH AT ALL OF US. GOD HELP IGNORANT BLIND AMERICA! GOD HELP US.
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not2say1 year, 9 months ago
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God Bless this woman and shame of our government who should be
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oh so proud that they have let it come to this. I am in this position myself and trust me there aren't any options as there is no where to go and no one to listen. CAPITAL HILL you care so much about the other countries but not our people.-
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dbailey51 year, 9 months ago
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I recently took out a loan with Household Finance in Michigan.
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Fell behind on payments, lost the insurance on the loan.
Although I make payments on the loan, every 3/4 weeks, I
noticed the loan officer sitting across the street from
my house, looking at the house.
Sad situation I finance companies are in.
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lily20091 year, 9 months ago
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Anyone wanting to get shot to save your home, call me, expert shooter for hire. Guaranteed to hit the mark. All Repubicans I am running a special on asshole shots using bullets loaded with rock salt. Bush supporters get 50% off and 50% free vacation to hadees.
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lily20091 year, 9 months ago
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why dont we attack Alaska like we did Iraq, hell they got oil there out the ass, We can even take Sarah Failin to court and hang her ass like we did sadam. The fish eyed bitch is now saying everbody is a terrorist, maybe thats where bin laden is hiding, in an alsakan igloo fukin eskimos.
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4thepeople1 year, 9 months ago
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Unfortunately whoever gave her the mortgage should have put her in a SAFE reverse mortgage at her age. All the remarks about age discrimination are correct. I am a "responsible" lender and we cannot deny a credit and financially worthy client of a loan due to age, sex, race, and a few other things. The question is what was her income at the time and why Countrywide did not just convert her to a Reverse Mortgage. She sure as heck was old enough.
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RBNSCT1 year, 9 months ago
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I have a feeling there are going to be many more like this Woman. Why is Congress, Our Government can have pity and billions of dollars for other countries, Yet when it comes Americans & Our Country They had to keep voting! They actually had to think about getting their own Country out of trouble! How Sad and selfish is that?
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Annk11 year, 9 months ago
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Bdizl whoever: a) you do not know that her intent was to survive b) you do not know what kind of home it is c) you do not know what kind of loan it was d) you do not know why she took out the loan
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Obviously, you are young enough to still have student loans but also obviously you learned nothing at school, at home or at church.-
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MAM1 year, 9 months ago
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This wasn't even in reference to me but I have to say...
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does "learning" something in church mean that person isn't capable of having an opinion in an online forum? Sorry we can't all be holier than thou. And last I checked...there were plenty of older people who didn't have the faintest clue about the world around them. Age spots do not constitute wisdom.
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