sad

very sad. I'm surprised Marco didn't blame the deputies and said that they shot the poor woman.

Marco you are improving

Though I sympathize with the situation, I have to suggest to Marco Polo that no-buddy held a gun to the nice lady's head and forced her to take out a loan that she couldn't repay. Where was he and the city hall hero when this nice lady was puttin' herself into financial ruin?

So wait, an 86 year old woman was allowed to take out a 30 year loan? Did the bankers at Countrywide not do their math?

All Countrywide people involved in this loan should go to JAIL. How could they lend her all that money, $45,000 on a $28,000 valued house? This is just another example of criminal activity in the mortgage loan industry. I can't imagine being 90 and being put out of my home and on the street. Sad.

Having worked in the industry for 10 years now, and being a huge part in this crisis, It's definitely the lenders fault. Adjustable rate riders and predatory lending tactics led home buyers and people re-financing after 9/11 with the 0% interest rates for the first few years to this horrible place. I watched thousands of people who should have known they couldn't afford a home get these loans, and not at all fully understand that their rates would rise after a certain period of time. One month the payment is $650, the next it's $1150 from then on. It's a sham mostly because the lenders should have been more forceful in explaining the fine print to these people who were obviously not educated on what certain terms meant. Yes, while the buyer should never sign anything they don't understand, you have to comprehend how the lenders got around the explanations for these 'riders' by gaining the new buyers trust and glossing over these riders as just the norm for a new loan. Don't blame Clinton, blame the Bush administration for pressuring the lenders to give these loans, especially after 9/11 when we needed the economic growth at that time to support our new wars.

Economy problems? All created by the banking giants. Watch the movie at zeitgeist.com. Solution? Industrial Hemp...votehemp.com. It's getting to be 1984....

Something sounds really fishy about this loan. People with records were allowed to become mortgage brokers. I think someone took this loan out without her knowledge. These mortgage brokers need to be held accountable for alot of this mess.

I feel so bad - not just for this lady but all facing forclosure - although there is help out there not everyone (and especially someone in their 90's) know where to turn. I hope she recovers quickly.

What did she do with the money? Maybe someone should take a look at her church.

zeitgeist.com...watch the movie

She has probably refinanced the house a million times to squeeze money out of it to live on, just like the rest of America. She was probably supplementing Social Security with the home's equity. It caught up to her. It will be catching up with lots of others, very soon.

Ummm , Ed?? It was indeed the Clintoon Administration that pressured these lenders, not Bush!
here i did your homework for ya...


NY Times ::
September 30, 1999
Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

http://74.125.45.104/search?q=cache:bPak2kImFM8J:query.nytimes.com/gst/fullpage.html%3Fres%3D9C0DE7DB153EF933A0575AC0A96F958260%26sec%3D%26spon%3D%26pagewanted%3D1 clinton administration fannie mae&hl=en&ct=clnk&cd=1&gl=us

What a shame this is... ALL should be embarrassed that this poor lady felt no other choice but to shoot herself. Countrywide should be held responsible for this...giving a 30 year loan to a 86 year old woman?? SHAME!

God Bless you Mrs Polk ... hopefully your life will be made less stressful now.

Interesting, Dee, in reading that article, I see words like "encouraging"....I don't see anywhere where lenders were forced to abandon all common sense and lend greater than 100% of a home's value in a 30 year loan to a woman who's pushing 90.

This is sick. How is it these mortgage companies are getting away with their criminal lending? Why are they not accountable? I to have a lender calling everyday to harass me and they stole my insurance money after the hail storm. They claim also that I don't have homeowners insurance and so they buy it for me denying they got faxed the proper paperwork. So then they escrow this onto my loan and raise my payment. My list can go on and on about how they are corrupt. I just wonder why I have no backup on dealing with these thieves. I understand why Mrs. Polk did what she did. This country is screwed up and noone cares.

I agree with the others who blame the mortgage companies for this disaster. I have yet to see these people be held accountable for their dispicable actions. Unfortunately, there are many Mrs. Polks out there, and I hope that somehow they can obtain some help. That poor woman, I hope she recovers and can find another place to live.

I completely understand why this would happen. I too am with a lender that is harassing me daily. They deny the fact that I have sent them homeowners insurance proof. Then they buy it for me and then escrow that onto my account and then raise my payment and then call and harass me daily.
They also took all monies given by my insurance co. after the hail storm. I did not see a penny. There is no-one to help me out from under their harassment. I do not like living this way either. Mrs. Polk had noone to help her nor does anyone. We are victims of criminal lenders and servicing co. that are not held accountable to anyone.

Dee

Thank you for posting that. It is only the tip of the iceberg of information that has been broadcasted across U Tube and talk radio. If a person has not learned the truth about Fannie Mae, who got the money, who got the kickbacks and who destroyed the economy, then it is a sad day for America.

To use this ladies lack of mental stability at her age as a poster child is an embarrassment and our politicians should know better. Evergreen is just as much as a demon for granting a sub-prime loan to a person whom they knew would never be able to repay. Like Governor Sarah Palin said last night, "never again will the Americans be duped into a mess like this." (paraphrased)

Her church should have seen this coming if they had concern. Alone with no family? Are we no longer our brothers keeper? And why the gun?

Agreed Micheala...It truly is a sad day for American intelligence!


The Gun? I can answer that...She lives in Akron, Where the hood-rats knock off little old ladies weekly for a few dollars for drugs.

Of course the mortgage fiasco and problems need to be place at the lenders - in part. Still, those that took out loans are ultimately responsible to pay them and to understand the terms of the contract. It is sad to see a 90 year old person driven to such extremes; nevertheless, her age does NOT excuse her recklessness.

Tim you have obviously never been approached by these lenders. They are like door to door salesmen that hound these people until they sign. My grandmother was almost a victim of one of them thankfully I was there when they came back with a contract for her to sign. They didn't know I was there. They never mentioned the loan was for the entire amount of her house at an ARM and it was written so small even I had a hard time reading it. They didn't want me to read it. Grandma thought she was getting a loan for new windows. After I read it I wanted to kick their butts! They left and I told my grandmother to never speak to any salesman unless one of us is there.

More blood on Clinton's hands. If he would not have created this paper economy and Bush had acted like a Republican and not a Democrat, this poor lady may be alive today.

@ Dee: I remember that going around back in late 99, but believe me, that philosophy of giving bad credit people loans didn't get forced down the lenders throats until after 9/11. I seen it firsthand. Not saying, I suppose, that the Clinton administration is completely innocent, but it's a stupid philosophy that got tossed around near the end of the decade, but didn't get fully utilized until we NEEDED the economic boost a housing market can give like after 9/11 and the Bush administration kept feeding into that flawed original Clinton idea. See people? This is why the two party system we keep getting shoved down our throats is just plain stupid! We never elect the better person for the job, just the better liar every four years. The best people for the job will never get closer than the House to becoming our President, and that's a bloody shame.

The lender cannot discriminate by age. Age discrimination is illegal.

I think this is shame. I hate to hear those people on their high horses saying it's her own fault. You don't know her situation. She was 86 years old. She may not have been in the proper state of mind to take out a loan. The mortgage brokers should have never given her that large of a loan. You don't know. Maybe someone forced this on her and took the money. You just never know but for some of you it's hard to see what is going on when you're busy looking down on the poor people.

They maybe don't put people and their belongings on the curb in Akron, but THERE ARE places where they still do that. I know because that's what happened to my sister in Michigan. She came home and found her house empty. All of her belongings on her front lawn. She died that day from a heart attack brought on by the experience. Of course Ms. Polk was worried. She had good reason to be.

Maybe the bulk of the blame should be placed on the financial institution that gave an 86-year-old woman a 30-year mortgage and an additional loan for $12,000. Or maybe it should be placed on Clinton:

From the New York Times, September 30, 1999:
...has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people ...

The bank probably pressured this poor old lady in to getting this insane loan. Someone above said she might have not been in a very good state of mind, or something to that effect. I believe that is probably true and then the bank took advantage.
They should be ashamed. And I agree with OlderThanDirt - They should go to jail.

''Where'd the money go?'' Dillon asked - A GOOD QUESTION - DON'T YOU THINK ?

I agree with Michael, didn't the lenders at LEAST LOOK at their calculators? 30 year mortgage and a 90 year old woman....NO ONE lives to be 120..NO ONE.

god help our country when you can take an old persons home from them. what is wrong with america?things like this should not happen here. i think that they need to give her back her home. why doesnt the goverment buy it and give it back to her. i wish her all the best.

It is sad Addie Polk despaired and I can understand it very well. These mortgage companies are filled with 'GREED' and should be thrown out into the streets themselves. In my state my friend lost his home all because he missed two payments and interest rates are out of control!
The community and many businesses are working together to build them a new home at no cost to them and yet the family wants to at least pay for all material! I myself are helping them, they were toss out into the street like trash! The word is out for any buyers not to purchase the house and we're giving reason for it, we have large posters on our property giving reason why the house is up for sale, so far three buyers have seen our signs, talked to us and have gone their way. The mortgage company doesn’t like it but we could careless!

I think I know where the money went. Looks like she's been living off of it for the past 11 years. County records show that in 97, 2 years after her husband dies she borrowed $21,000. Since then she's refinanced every 2 years, getting a bit more each time. She probably would have kept going but the bottom fell out and mortgages companies stopped making those kinds of loans.

It's sad. I see foreclosures like this all the time. Someone without enough income to live starts using their home for income. Eventually the loans have to stop.

Ms. Addie Polk should be the poster person for the greed of the mortgage industry. For those blaming the victim, it is way too sad. Have you tried living on Social Security? Don't worry, your time will come. It always does.

And for those who blame Clintoon, last time I checked, Bush has been president for the last 8 years.

If these predatory lending practices are again instituted, I suggest that these greedy heathens be hung upside down only by their genitals.

Also, folks of Ohio, Ms. Addie Polk has now become America's story. The story of the unethical greed, soulness, and disgusting practices of the mortgage industry.

Addie Polk is now the National symbol of how low the greedy will go, no matter what industry they are in.

We have had enough. I have waited 28 years of Ronnie's, Bushies, and Bushie 2's reverse Robin Hood practices to hit the fan.

It is way too sad that so many that do not deserve it are the ones to fall.

IN GOD'S NAME, WHY ARE THESE PREDATORS, LOWER THAN ROADKILL, NOT IN PRISON?

Thanks to Dennis Kucinich who mentioned this in DC today, I just read that her mortgage has been forgiven. I hope this lady makes it to enjoy the rest of her life in her home.

When Bush took office we had 13 trillion surplus. Now we spent that amount and are 14 trillion in the hole. Iraq has 700 billion surplus. Any questions? Change the administration, change the outcome. Pure and simple.

So here we are. The taxpayers lost money on a home sold for less than what it was worth, because Countrywide gave a loan to an elderly woman who would not live long enough to pay it off, thanks to Barney Frank and other lib democrats that dictated that loans must be made to people who can't pay them back, who enriched themselves with donations from Fannie Mae/ Freddie Mac. Mean while, Barney Frank with his big fat toad smile in front of the cameras congratuating himself on helping to push through the biggest socialist boondogle in the nation's history, the BAILOUT that by the way will keep Barney and chums in the House from being blamed for this whole mess and sent frog marching off to the pen, where they belong. The noodle spined Republicans that supported this BAILOUT have no clue what's in store for them.

countrywide hires people to do nothing but call daily and send nice letters saying " refinance now."
I get at least 3 calls a week I do not answer, but caller ID shows it is them. I changed my message to say " if you call and do not leave message it must not be important."
that company is the worst in the business.

Has anyone even stopped to think maybe this old lady didn't want to go into a nursing home and perhaps that is why she took out a sizable loan at age 90 for the house and shot herself because she was going to evicted. Why is anyone sympathetic to such wrestlessness, she had 90 years to know better, that's more than most of the population.

i am sure this lady had no idea, given her age, he hubsand had died, at that time it was survival. has anyone ever worked for a bank, credit or morgage company? they have quotas to meet. if u didnt try to out parse the collegue u were working with, and your quota's were down, u were no longer worth anything to them. the more morgage's or refiances, or credit accounts, or accounts period u got the more points u got with that company. people were just numbers or points to the silver lined pockets of these employee's. and the manger's and ceo's enforced the quota's. to line there pockets. bottom line is the people suffer because of this practice. something has to be done so this does not happen again. and its not only happening to the old. its happening to all of us.

Addie i am happy to know that it was over turned and u can enjoy ur home with dignity, but it should have never have gotten to this point for u. for that i am sorry to hear. for all of u other victims and readers out there, take note of this, more will follow. and my compasion goes out to you and i hope u dont fall into the fire pit i mentioned above. god bless u all.

This generation has no compassion or concern for the human race and especially the elderly. I cannot believe some of the postings and I bet if this were you, you wouldn't feel the same. The housing market is just one of many things that will go into a tailspin. The economy in itself is unstable and unbalanced. Therefore, it can be anyone of us, our family members or friends that maybe affected from this crisis. So I say to those of you who have made negative statements about the elderly lady. This could be you and how would you feel if someone made the comments about you. Also, how does anyone know that she told anyone about her foreclosure? You don't , so you very well can't go on ASSumption.

Keep fighting with eachother over which party is at fault, ignoring their lies and their doubletongues. That is how they all got in power in the first place.

This situation saddens me deeply. Thank God this poor lady didn't kill herself. We pray for her speedy recovery. It's too bad that she was preyed
on and she felt so overwhelmed with everything she was dealing with. She felt the only way to end the heart ache was to take her life. No having to worry anymore about what she would hav to be faced with. It is pretty sad that someone of that age feel no one cares or was there to help her or give her the support she needed to deal with this horrific situation, she had gotten into.
Shame that she felt she had to result to taking her life.. my heart goes out to her...

Dee,

I am so sick of people like you blaming Clinton for the past 8 years of a Republican President combined with a Republican congress. Do your own homework. For the record, back in 1999 both sides were involved.
"An agreement between the Clinton administration and congressional Republicans, reached during all-night negotiations which concluded in the early hours of October 22,1999 sets the stage for passage of the most sweeping banking deregulation bill in American history, lifting virtually all restraints on the operation of the giant monopolies which dominate the financial system. The proposed Financial Services Modernization Act of 1999 would do away with restrictions on the integration of banking, insurance and stock trading imposed by the Glass-Steagall Act of 1933."

For a much more comprehensive understanding of what led to the current crisis and an interview with the ex-CEO of Fannie Mae, search for this article "Pressured to Take More Risk, Fannie Reached Tipping Point". It's clear that plain old fashioned profit drove risky behavior.

I dont understand why you all are fighting about who is at fault.. they are all a bunch of liars that are only out to see what they can do for THEMSELVES.... not the people who voted for them.

The whole thing is this 90 year old woman felt so desperate she shot herself over losing her home... NO ONE WAS SCREAMING WE HAVE TO BAIL OUT MRS. POLK OF AKRON OHIO. Too busy bailing out the big donation makers... their buddies.

This country is getting scarier and scarier everyday and there is no end in sight.

Sure this SAD, but look at the people who have lost their jobs thanks to good ole NAFTA. Families who can barely feed their children, can't make payments on their late bills, etc.
This lady has lived her life, it was only her, there are people in worse shape. Not fair that they just wrote off her loan.

I wonder who is paying for Addie's now weeklong hospital stay for a SELF INFLICTED injury.

Oh, that's right...it's the TAXPAYERS!