Poster Child for the Economy

Josh_Kablack · Post by **Josh_Kablack** » Fri Oct 03, 2008 10:39 pm

from link wrote: Ohio woman, 90, attempts suicide after foreclosure
Fri Oct 3, 2008 6:25pm EDT

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CINCINNATI (Reuters) - A 90-year-old Ohio woman, facing eviction from the home she has lived in for 38 years, shot and wounded herself this week, becoming a grim symbol of the U.S. home mortgage crisis.

Addie Polk was found lying on the floor of her home with what appeared to be a self-inflicted gunshot wound to her shoulder when police came to the home on Wednesday to serve an eviction notice, Akron police spokesman Lt. Rick Edwards said on Friday.

Polk survived the shooting and is being treated in a hospital.

It was the latest attempt by sheriff's deputies to evict Polk from her modest single-family home because she could not keep up with her mortgage.

"It appears they're evicting her over her mortgage. She's lived in the house, the neighbors said, something like 38 years and in the last couple of years fell prey to some predatory lending company or financial institution," Edwards said.

Local news reports said deputies had tried to serve Polk's eviction notice more than 30 times before Wednesday's shooting.

Home foreclosure rates are at record highs in the United States, in many cases because buyers with adjustable interest rates could not keep up with sharp increases in monthly payments. The foreclosure crisis has sparked a wider housing market downturn and is at the heart of the U.S. financial crisis.

(Reporting by Andrea Hopkins; Editing by Peter Cooney)

Pass this one on to anyone still saying "fundamentally sound" or sticking up for this these types of lending as part of a free market.

Josh_Kablack · Post by **Josh_Kablack** » Sat Oct 04, 2008 4:02 am

It all worked alright in the end

from link wrote: (CNN) -- Fannie Mae said it will set aside the loan of a woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home.
Fannie Mae foreclosed on the Akron, Ohio, home of Addie Polk, 90, after acquiring the mortgage in 2007.

Fannie Mae foreclosed on the Akron, Ohio, home of Addie Polk, 90, after acquiring the mortgage in 2007.

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."

Residents of Akron have rallied behind Polk, who is being treated at Akron General Medical Center. She was listed in critical condition Friday afternoon, according to Akron City Council President Marco Sommerville.

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."

Neighbor Robert Dillon, 62, used a ladder to enter a second-story bathroom window of Polk's home after he and the deputies heard loud noises inside, Dillon said.
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"I was calling her name as I went in, and she wasn't responding," he said.

He found her lying on a bed, and he could see she was breathing. He also noticed a long-barreled handgun on the bed, but thought she just had it there for protection. He touched her on the shoulder.

"Then she kind of moved toward me a little and I saw that blood, and I said, 'Oh, no. Miss Polk musta done shot herself,' " Dillon said.

He hurried downstairs and let the deputies in. He said they told him they found Polk's car keys, pocketbook and life insurance policy laid out neatly where they could be found, suggesting that she intended to kill herself.

"There's a lot of people like Miss Polk right now. That's the sad thing about it," said 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." Video Watch Polk's neighbor describe what he saw »

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.

Deputies had tried to serve Polk's eviction notice more than 30 times before Wednesday's incident, Sommerville said. She never came to the door, but the notes the deputies left would always disappear, so they knew she was inside and ambulatory, he said.

The city is creating programs to help people keep their homes, Sommerville said. "But what do you do when there's just so many people out there and the economy is in the shape that it's in?"

Many businesses and individuals have called since Wednesday offering to help Polk, Sommerville said.

"We're going to do an evaluation to see what's best for her," he said. "If she's strong enough and can go home, I think we should work with her to where she goes back home. If not, we need to find another place for her to live where she won't have to worry about this ever again."

For his part, Dillon hopes his neighbor of 38 years can return to her home.

"She loves that house," he said. "I hope they can get her back in. That would make me feel better because I don't know what they're going to put in there once she leaves."

He said the neighborhood is declining because so many people have lost their homes.

"There's a lot of vacant houses around here. ... Now I'm going to have a house on my left and a house on my right, vacant," he said. "That don't make me feel good, because we were good neighbors, we trusted each other, and we looked out for each other.

"This neighborhood is shot, to me, from what it used to be," he added.

"When I moved here, if it were like it is now, I would have never moved here. But it was a nice neighborhood. ...

"I'll just tough it out. I'm too old to start thinking about buying another house."

Sommerville said that by the time people call for help with an impending foreclosure, it's usually too late.

"I'm glad it's not too late for Miss Polk, because she could have taken her life," Sommerville said. "Miss Polk will probably end up on her feet. But I'm not sure if anybody else will."

Yay!!! Another victory for gun rights!!!

Draco_Argentum · Post by **Draco_Argentum** » Sat Oct 04, 2008 9:52 am

"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."

Elect more like this.

Josh_Kablack · Post by **Josh_Kablack** » Sat Oct 04, 2008 4:19 pm

But the thing is Kucinich was all but laughed out of the presidential race.

Wikipedia Article

But at least he was able to laugh with us:

Interview on the Colbert Report

CatharzGodfoot · Post by **CatharzGodfoot** » Sat Oct 04, 2008 7:10 pm

And yet, according to CNN, Obama strongly favored the bailout. Looks like I voted for the wrong candidate. And this after he makes Joe 'DMCA' Biden his VP choice.

Absentminded_Wizard · Post by **Absentminded_Wizard** » Sat Oct 04, 2008 9:38 pm

Josh_Kablack wrote:But the thing is Kucinich was all but laughed out of the presidential race.

Wikipedia Article

But at least he was able to laugh with us:

Interview on the Colbert Report

Yeah, Kucinich had all the best lines in the Iowa Democratic debates. Not only that, but he occasionally paraded his hot wife in front of the camera. We could do far worse for a president.

RiotGearEpsilon · Post by **RiotGearEpsilon** » Sun Oct 05, 2008 3:27 am

I would vote for Kucinich in a heartbeat.

socrates999 · Post by **socrates999** » Tue Oct 07, 2008 12:57 am

Big Kucinich fan as well. Other than his being short, I'm not really sure why he never really caught on more with the liberal base of the Democratic Party.

Lago PARANOIA · Post by **Lago PARANOIA** » Tue Oct 07, 2008 1:02 am

Big Kucinich fan as well. Other than his being short, I'm not really sure why he never really caught on more with the liberal base of the Democratic Party.

Kucinich, unfortunately, would get destroyed in a national election.

I'm not a fan of Obama myself mostly because he is actually sincere about his religious faith and also thinks that the Chicago school is a legitimate economic school of thought. But I'm voting for him anyway because I support the engine that put him into power and he's proved to me that his organizational skills are sound enough to run a government.