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Friday, October 3, 2008

How to Avoid Foreclosure*

posted by on October 3 at 14:55 PM

Addie Polk, 90, of Akron, Ohio, became a symbol of the nation’s home mortgage crisis when she was hospitalized after shooting herself at least twice in the upper body Wednesday afternoon.

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.”

* Do not try this at home.

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It's the top headline on CNN next to the graphic of George signing the bailout.


Posted by Non | October 3, 2008 2:55 PM

I hope my ex does this.

Posted by Mr. Poe | October 3, 2008 2:59 PM

She knew she could not afford the house payments to begin with, yet someone convinced her otherwise, calling it "The American Dream". See what a nightmare it has turned into.

Posted by Sargon Bighorn | October 3, 2008 3:01 PM

why is a 90 year old making mortgage payments in the first place?

This smells of predatory lending and fraud.

Posted by Bellevue Ave | October 3, 2008 3:07 PM

Expect many more of these incidents. Next up? don't be surprised when mortgage loan and bank offices get shot up by desperate nut jobs.

Posted by Westside forever | October 3, 2008 3:12 PM

So, 2 shots to my upper body, and I get my condo free and clear?

Posted by kyle [TCBITR] | October 3, 2008 3:18 PM


From the article:
"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 that she and her late husband purchased in 1970. In 2007, Fannie Mae assumed the mortgage and later filed for foreclosure."

Sounds like she was talked into taking out a mortgage and line of credit that she couldn't afford.

Posted by unwelcomed | October 3, 2008 3:20 PM

@6: my thoughts exactly.

Posted by max solomon | October 3, 2008 3:31 PM

Welcome to Pottersville.

Posted by DOUG. | October 3, 2008 3:45 PM

I'm with BA, this is abuse. Sounds like she already owned the house free and clear, and got talked into re-mortgaging it (30 years at 85!). A loan like that is unethical to the max. If she really needed money, at that age she could have signed up for a really hefty reverse mortgage and lived extremely well off of it. Selling a 30-year mortgage to an 85 year-old should land you in prison.

Posted by Fnarf | October 3, 2008 4:11 PM

When do we start hanging this crud from the lamp posts? Seriously, if the finance slime don't have the decency to jump off the roof like they should, we should give them an assist.

Posted by yucca flower | October 3, 2008 5:25 PM

She should have shot her loan officer.

Posted by Greg | October 3, 2008 5:51 PM

So let me get this straight. To prevent predatory lending, discrimination, creditor insolvency, fraud, abuse and all manner of disasters, creditors must be told whom they may and may not lend to, whom they must lend to, what interest rate they may charge, the length of the loan, the amount of assets the loans must be backed with, and most of all, every single detail of all this must be documented so that regulators can oversee it, night and day. Because otherwise it will explode or implode or immolate or putrefy or God knows what.

Oh, and they're going to use our money as capital.

So what value does the private credit market add to all this? Aren't they just expensive middlemen?

It's kind of like asking why you need to involve private health care providers and private insurers if the government intends to cover health care for everybody. If the whole show is dictated by the government, and bought and paid for by the taxpayer, then call it what it is and quit pretending.

This charade is costing us a fortune.

Posted by elenchos | October 3, 2008 6:05 PM

@13: Sounds good to me. Oh, Baaaaarney! We gots a plan fer ya!

It would be no more complicated than modern medical ethics, which is obviously working out verrrry well for everyone.

Posted by rob | October 3, 2008 8:21 PM

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