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Woman, 90, Shoots self in forclosed home

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posted on Oct, 3 2008 @ 12:50 PM
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TextA 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.



Full Story

[edit on 10/01/2008 by DirtyHarry]




posted on Oct, 3 2008 @ 12:52 PM
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Is this insane??? A 90 year old woman would rather die than be forced out of her own home. Where is her family during all of this?? The banks are heartless, she'll die within a decade due to natural causes, but they rather throw her out on her dusty bum!


Banks are heartless, lack morals and ethics of basic human nature. This is pathetic


Does anybody feel the same way? This is where our country is heading people!!!!


[edit on 10/01/2008 by DirtyHarry]



posted on Oct, 3 2008 @ 01:06 PM
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it's unfortunate but banks have always been heartless. It's their motto.



posted on Oct, 3 2008 @ 01:16 PM
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At 90 she probably has no family left.

But yes, this a sign of how cold and heartless the capitalist system makes people.

Money before people is not the sign of a caring system.

As the rich start to panic over losing their wealth, and privileged lifestyle, we'll see more of this. And then they'll try to tell us it's for OUR own good.

Yeah right, where is my rent rebate Cali?


Important update: The state budget approved for the 2008/2009 fiscal year deleted funding for the Homeowner and Renter Assistance Program. Since there is no funding in the state budget for this program, 2008 claims cannot be paid.
The Franchise Tax Board will continue to accept 2008 claims and will hold them in the event that funding later becomes available. However, at this time there is no expectation that there will be any funds available to pay those claims.

www.ftb.ca.gov...



posted on Oct, 3 2008 @ 01:17 PM
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I don't understand why any bank would grant a $45,000 loan to Ms.Polk
in 2004, when she was 86 years old approx, with payments to extend for 25 years or so.

Clearly, at 86 years old, she would not be able to pay the loan out, unless she lived to 110 years. And as she was almost certainly on an fixed age-pension, did the bank trouble to confirm that her pension could accomodate the loan repayments ?

So, it seems apparent that the bank was irresponsible in granting the loan in the first place.



posted on Oct, 3 2008 @ 01:22 PM
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reply to post by Dock6
 


You can get a mortgage pretty easy if you're on a government pension or disability (SSI/SSA).

The bank doesn't care if you can pay it off, the house is collateral and the loan government backed, they can get their money back.

[edit on 10/3/2008 by ANOK]



posted on Oct, 3 2008 @ 01:25 PM
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reply to post by ANOK
 



The bank doesn't care if you can pay it off, the house is collateral and the loan government backed, they can get their money back.


Which is what happened



posted on Oct, 3 2008 @ 01:34 PM
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So the bank gets the loan paid off, the house back to resell and the blood of a 90 year old woman? This makes me physically ill.



posted on Oct, 3 2008 @ 01:37 PM
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How sad.

I wonder how those elderly with so called 'reverse mortgagees' will be affected by the downturn in the Real Estate markets and credit markets. I doubt they will still be getting the same payments if the homes are worth less...

Bad times for our elderly.
DocMoreau



posted on Oct, 3 2008 @ 01:41 PM
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It was a foregone conclusion

Bank no doubt expected they'd regain the property through the woman's death, considering her advanced age.

Minor inconvenience, from the bank's perspective, that instead of dying of old age shortly after obtaining the loan, the woman instead grabbed headlines by trying to kill herself.

In a responsible society, banks would not be permitted to grant loans to those who clearly do not have sufficient income to repay the loan.

I can remember when lenders were not allowed to grant loans for which repayments would exceed 25% of income. Lenders were required to do their homework and ascertain how much a person owed across the board.



posted on Oct, 3 2008 @ 02:07 PM
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They should be brought up on criminal negligence. As one said, they got their money the house and the old woman. Does make one wonder where her advisors were, family etc.

Where was her bailout, oh yeah she isn't a big corporation.

My mortgage carries until I am in my early 70's, depressing thought.



posted on Oct, 3 2008 @ 02:10 PM
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If she would have just shot one of the deputies, she could have had had free room and board, courtesy of the State, for the rest of her life, which probably wouldn't have been that long, anyway.

People get so hung up on their possessions.



posted on Oct, 3 2008 @ 02:14 PM
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I feel bad for the old woman, but why should she be able to keep her home that she isn't paying for? Just because she's old? That's hardly fair to the other families who are being booted out for foreclosure.

I'm not defending the banks here, after all, it's their fault for using horrible tactics to lure people like this into homes they couldn't afford.

This is hardly a black mark on capitalism though.



posted on Oct, 3 2008 @ 02:16 PM
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Originally posted by Dock6
I can remember when lenders were not allowed to grant loans for which repayments would exceed 25% of income. Lenders were required to do their homework and ascertain how much a person owed across the board.


They still have a limit...they just dont uphold it.

When I got my loan they told me I could afford just over $900 a month when the paperwork came thru a few months later the payments were over $1200. I'll leave it at that.



posted on Oct, 3 2008 @ 02:31 PM
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You bring up a good point and I certainly posted a gut reaction. But why did they give her a mortgage in the first place. Again we don't know all the facts.

Hard to really say much with out the facts.



posted on Oct, 3 2008 @ 02:38 PM
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This isn't a question of being hung up on your possessions. Elderly people are not flexible, and biologically cannot regain their youth and become that way. Changes, such as loss of a loved one, or changing addresses has been contributed to a sudden diminish of health and their death. They should never be treated to this kind of treatment. If the bank had been forced to wait because of idealistic and humane legislature in place, as it should be, they would have received the home in the end after her natural demise, even if she lived to be 110. I actually believe people should be paying according to their incomes, and that everyone has the right to a home. In otherwords, the Scandinavian countries do it best yet again!



posted on Oct, 3 2008 @ 03:07 PM
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That's so sad. I can see why she would do that she had probably lived in that home for most of her life and worked hard to get it. Just another attempted murder by this administration of it's own people...



Important update: The state budget approved for the 2008/2009 fiscal year deleted funding for the Homeowner and Renter Assistance Program. Since there is no funding in the state budget for this program, 2008 claims cannot be paid.
The Franchise Tax Board will continue to accept 2008 claims and will hold them in the event that funding later becomes available. However, at this time there is no expectation that there will be any funds available to pay those claims.

www.ftb.ca.gov...


That's me and my family... My father's unemployed, we make well under $10,000 a year and we depend on rent assistance and section 8 to live. Does this mean we might be evicted or denied assistance? Is this for everyone?

[edit on 3-10-2008 by Shocka]



posted on Oct, 3 2008 @ 03:34 PM
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Now they will have to sell for even less because no one wants to buy a house someone died in.

I would never want to buy that home.



posted on Oct, 3 2008 @ 04:01 PM
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This is just a sad state of affairs. I thought I see on most of the reverse mortgage loans commercials, like Ed McMahons they say you can never be evicted while as long as you live.

I don't see Pelosi taking the limo over to Mrs Oltens house saying, hi honey, we want to give you a hundred grand to help bail you out while these thieving banks are 'given' 750 billion.

Christmas on wall Street. I'm sure the bmw dealerships will be plenty busy.

This is indeed an act of true desperation. I'd rather go out with a bang then find myself in a state run nursing home.



posted on Oct, 3 2008 @ 04:42 PM
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I find it hard to believe they were trying to throw out a 90 year old woman. This is tragic.

They let her keep the house and now her loan is forgiven.

While the economy is is bad, home loans are bad, and there are many things that need to be changed I just hope this doesn't send the wrong message to a public getting more desperate for relief:

Can't pay your bills? Shoot yourself! We'll erase your debt!



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