Simple question.
Do you blame the 90 year old woman or the lender?
I say the Mortgage she was given was inappropriate for her, a reverse mortgage is what should have been done in her case.
10-5-2008 Mortgage forgiven for woman, 90, who shot herself
AKRON, Ohio - Mortgage finance company Fannie Mae said it is forgiving the mortgage debt of a 90-year-old woman who shot herself in the chest as sheriff's deputies attempted to evict her.
Addie Polk's plight was cited by Rep. Dennis Kucinich, D-Ohio, on Friday before the House voted to approve the $700 billion financial rescue package. Kucinich voted against the plan.
Fannie Mae announced later Friday that it would dismiss its foreclosure action, forgive Polk's mortgage and allow her to return to the Akron home where she's lived since 1970.
She became the home's sole owner in 1995 when her husband died, then took out a mortgage loan in 1997 and refinanced several times, court and property records show.
Countrywide Home Loans filed for foreclosure last year, and Polk's home was sold to Fannie Mae at a sheriff's auction in June. Deputies were to escort Polk from her home Wednesday when gunshots were heard inside.
"Just given the circumstances, we think it's appropriate," Fannie Mae spokesman Brian Faith said, citing Kucinich's statement and news reports. "It certainly made our radar screen."
======================================================
In a related matter, Bank of America that bought the defunct Countrywide Scam Mortgage company that I said would be the first to go down back in Jan 2007 settled a lawsuit brought by 11 states against their predatory and misleading business practices:
Bullshit. What Financial Company payroll are you on?
What is it you don't understand about the words predatory and misleading?
Everyday Americans were bombarded with false, misleading and deceptive advertising about these loans.
Hidden in tiny unintelligible print at the bottom to the ordinary citizen was legalese that I'm sure not even 90% of Lawyers could decipher.
In fact Countrywide just this morning admitted this very fact:
10-6-2008 Countrywide Settles State Consumer Fraud Cases for $8.4 Billion
Countrywide Financial Corp., the home mortgage lender, will offer interest rate and loan principal reductions plus other distressed borrower relief valued at $8.4 billion to settle consumer fraud complaints from 11 states.
The accord, which includes relocation assistance for homeowners whose homes have been or are about to be foreclosed, will affect about 400,000 customers and resolves lawsuits filed against it by attorneys general in Illinois, California and Florida and complaints from eight other states, according to attorneys general Lisa Madigan of Illinois and Edmund G. ``Jerry'' Brown of California.
The package will likely become the largest predatory lending settlement in history, Brown said in a press statement yesterday.
The states' suits sought unspecified restitution for homeowners. California also asked for civil fines of as much as $2,500 for each violation of state laws banning unfair business practices and misleading advertising.
Do you blame the 90 year old woman or the lender?
I say the Mortgage she was given was inappropriate for her, a reverse mortgage is what should have been done in her case.
10-5-2008 Mortgage forgiven for woman, 90, who shot herself
AKRON, Ohio - Mortgage finance company Fannie Mae said it is forgiving the mortgage debt of a 90-year-old woman who shot herself in the chest as sheriff's deputies attempted to evict her.
Addie Polk's plight was cited by Rep. Dennis Kucinich, D-Ohio, on Friday before the House voted to approve the $700 billion financial rescue package. Kucinich voted against the plan.
Fannie Mae announced later Friday that it would dismiss its foreclosure action, forgive Polk's mortgage and allow her to return to the Akron home where she's lived since 1970.
She became the home's sole owner in 1995 when her husband died, then took out a mortgage loan in 1997 and refinanced several times, court and property records show.
Countrywide Home Loans filed for foreclosure last year, and Polk's home was sold to Fannie Mae at a sheriff's auction in June. Deputies were to escort Polk from her home Wednesday when gunshots were heard inside.
"Just given the circumstances, we think it's appropriate," Fannie Mae spokesman Brian Faith said, citing Kucinich's statement and news reports. "It certainly made our radar screen."
======================================================
In a related matter, Bank of America that bought the defunct Countrywide Scam Mortgage company that I said would be the first to go down back in Jan 2007 settled a lawsuit brought by 11 states against their predatory and misleading business practices:
Bullshit. What Financial Company payroll are you on?
What is it you don't understand about the words predatory and misleading?
Everyday Americans were bombarded with false, misleading and deceptive advertising about these loans.
Hidden in tiny unintelligible print at the bottom to the ordinary citizen was legalese that I'm sure not even 90% of Lawyers could decipher.
In fact Countrywide just this morning admitted this very fact:
10-6-2008 Countrywide Settles State Consumer Fraud Cases for $8.4 Billion
Countrywide Financial Corp., the home mortgage lender, will offer interest rate and loan principal reductions plus other distressed borrower relief valued at $8.4 billion to settle consumer fraud complaints from 11 states.
The accord, which includes relocation assistance for homeowners whose homes have been or are about to be foreclosed, will affect about 400,000 customers and resolves lawsuits filed against it by attorneys general in Illinois, California and Florida and complaints from eight other states, according to attorneys general Lisa Madigan of Illinois and Edmund G. ``Jerry'' Brown of California.
The package will likely become the largest predatory lending settlement in history, Brown said in a press statement yesterday.
The states' suits sought unspecified restitution for homeowners. California also asked for civil fines of as much as $2,500 for each violation of state laws banning unfair business practices and misleading advertising.
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