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Fannie helped out someone today - 10/3/2008 8:16:46 PM
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rlj
Posts: 2350
Joined: 4/14/2005
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This is from my old hometown:
quote:
(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.
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."
Like it or hate it at least someone may end up ok.
http://www.cnn.com/2008/US/10/03/eviction.suicide.attempt/index.html
_____________________________
-Roger
I could wile away the hours
Conferrin' with the flowers
Consultin' with the rain
And my head I'd be scratchin'
While my thoughts were busy hatchin'
If I only had a brain
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RE: Fannie helped out someone today - 10/3/2008 9:56:33 PM
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Rockwall
Posts: 465
Joined: 8/18/2008
From: Texas
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FM doesn't have to worry about it because the rest of Americans will pay for it instead.
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Power tends to corrupt, and absolute power corrupts absolutely
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RE: Fannie helped out someone today - 10/3/2008 10:01:42 PM
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colliefan
Posts: 2995
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From: Raleigh, NC
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Not to seem totally calous, but how many years did the woman have remaining on the loan?
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RE: Fannie helped out someone today - 10/3/2008 11:45:33 PM
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rlj
Posts: 2350
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Here is more on the loan:
quote:
Court and property records show that Polk took sole ownership of the home in 1995, when her husband, Robert, died. They had bought the 1,200-square-foot house in 1970 for $10,000. It was paid off in 1982.
In 1997, Polk took out a $21,000 mortgage; in 2001, she paid off the original loan with a $46,400 mortgage. She refinanced again in 2004, taking a 30-year mortgage for $45,620 from Countrywide Home Loans.
Fannie Mae assumed the Countrywide loan after it filed foreclosure action against Polk in September 2007. She ignored the lawsuit and notices left at her home.
The 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.
http://www.ohio.com/news/top_new/30453119.html
I have no idea why they ok'd this loan unless they expected a house they could resell. Or a bailout. :P
_____________________________
-Roger
I could wile away the hours
Conferrin' with the flowers
Consultin' with the rain
And my head I'd be scratchin'
While my thoughts were busy hatchin'
If I only had a brain
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RE: Fannie helped out someone today - 10/3/2008 11:49:01 PM
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Ps103
Posts: 11745
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From: Here, now
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Someone made a 30-year loan to an 86-year-old woman??!!
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Fasten your seatbelts...it's going to be a bumpy night.
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RE: Fannie helped out someone today - 10/4/2008 12:12:07 AM
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GroupW
Posts: 2863
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From: Up in the hills of Colorado (very BIG hills...)
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quote:
ORIGINAL: Ps103
Someone made a 30-year loan to an 86-year-old woman??!!
It's ok. The house was only 25.
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Fannie helped out someone today - 10/4/2008 6:58:59 AM
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rlj
Posts: 2350
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quote:
It's ok. The house was only 25.
The house was 101 the address is an older neighborhood. While it is a nice feel good kind of story this is what I found to be absurd:
quote:
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.
That would have been a second mortgage because her and her husband had paid off the first one in 1982.
_____________________________
-Roger
I could wile away the hours
Conferrin' with the flowers
Consultin' with the rain
And my head I'd be scratchin'
While my thoughts were busy hatchin'
If I only had a brain
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RE: Fannie helped out someone today - 10/4/2008 12:36:31 PM
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colliefan
Posts: 2995
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From: Raleigh, NC
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quote:
Fannie Mae assumed the Countrywide loan after it filed foreclosure action against Polk in September 2007. She ignored the lawsuit and notices left at her home.
and we are supposed to feel sorry for this individual?
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RE: Fannie helped out someone today - 10/4/2008 4:30:03 PM
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Rockwall
Posts: 465
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From: Texas
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quote:
ORIGINAL: colliefan
quote:
Fannie Mae assumed the Countrywide loan after it filed foreclosure action against Polk in September 2007. She ignored the lawsuit and notices left at her home.
and we are supposed to feel sorry for this individual?
Hmmm.... we owe $140,000 on our home... I shoot myself in the shoulder and only pay $1,500 MAX co-pay on my health insurance... be out of work for 2 months but they will GIVE ME OUR HOUSE... I will talk to the wife and see if this would be an avenue worth exploring a little more.
_____________________________
Power tends to corrupt, and absolute power corrupts absolutely
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RE: Fannie helped out someone today - 10/5/2008 5:16:56 AM
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rlj
Posts: 2350
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quote:
and we are supposed to feel sorry for this individual?
I'm not sure what I felt but I disagreed with Kucinich. Perhaps glad that someone besides a big time CEO who is getting paid real well at some struggling bank got a piece of the pie. I mean we've had the bailout, we've had the stimulus check and now states are lining up begging for more money.
quote:
Hmmm.... we owe $140,000 on our home... I shoot myself in the shoulder and only pay $1,500 MAX co-pay on my health insurance... be out of work for 2 months but they will GIVE ME OUR HOUSE... I will talk to the wife and see if this would be an avenue worth exploring a little more.
What upset me about this isn't that. It is the fact that Countrywide gave a woman who was 86 or so years old a 30 year mortgage and over $11,000 line of credit. What on earth was anyone thinking except they were going to foreclose on the house after she died? As for the woman I don't understand why she would take out that much. The house according to the article was paid off in the '80s.
_____________________________
-Roger
I could wile away the hours
Conferrin' with the flowers
Consultin' with the rain
And my head I'd be scratchin'
While my thoughts were busy hatchin'
If I only had a brain
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RE: Fannie helped out someone today - 10/5/2008 11:58:05 AM
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GregandJenny
Posts: 678
Joined: 2/16/2006
From: Near Seattle Washington
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quote:
What upset me about this isn't that. It is the fact that Countrywide gave a woman who was 86 or so years old a 30 year mortgage and over $11,000 line of credit.
Can you discriminate on age?
_____________________________
It does not have to be well with my circumstance to be well with my soul!
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RE: Fannie helped out someone today - 10/5/2008 1:17:18 PM
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rlj
Posts: 2350
Joined: 4/14/2005
Status: online
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quote:
Can you discriminate on age?
Good question.
That actually has me thinking. In the case of an 86 year old woman she couldn't possibly live long enough to pay that 2nd mortgage or the 11k in question. Would it have been legal to turn her down for that reason?
< Message edited by rlj -- 10/5/2008 3:54:45 PM >
_____________________________
-Roger
I could wile away the hours
Conferrin' with the flowers
Consultin' with the rain
And my head I'd be scratchin'
While my thoughts were busy hatchin'
If I only had a brain
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RE: Fannie helped out someone today - 10/5/2008 5:06:54 PM
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rgsoundguy
Posts: 396
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From: Pottstown, PA
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quote:
ORIGINAL: rlj
quote:
Can you discriminate on age?
Good question.
That actually has me thinking. In the case of an 86 year old woman she couldn't possibly live long enough to pay that 2nd mortgage or the 11k in question. Would it have been legal to turn her down for that reason?
A term life insurance policy would have cost her an astronomical amount, the reason is the mortality rate for an 86 year old person. Using the mortality tables I would say that writing a 30 mortgage for an 86 year old person is just foolish. She was probably carrying a hefty life insurance policy to cover the mortgage. That would be the only way I would think they would approve that, other than having a much younger person cosign on it.
_____________________________
Albert Einstein said that insanity is doing the same thing over and over again and expecting different results. That convinces me that our nation is insane because we continually elect republicans and democrats expecting change and get none.
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RE: Fannie helped out someone today - 10/5/2008 5:31:08 PM
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phreddy
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At the time of her natural death, the house would have become part of her estate. The house and other assets would be sold to pay any outstanding creditors. The rest could be split up amonst her heirs.
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RE: Fannie helped out someone today - 10/5/2008 11:17:27 PM
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GregandJenny
Posts: 678
Joined: 2/16/2006
From: Near Seattle Washington
Status: online
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quote:
he was probably carrying a hefty life insurance policy to cover the mortgage. That would be the only way I would think they would approve that, other than having a much younger person cosign on it.
Is that legal though. I mean if she had the means to pay it can the bank legally deny?
_____________________________
It does not have to be well with my circumstance to be well with my soul!
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RE: Fannie helped out someone today - 10/5/2008 11:24:17 PM
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rgsoundguy
Posts: 396
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From: Pottstown, PA
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quote:
ORIGINAL: GregandJenny
quote:
he was probably carrying a hefty life insurance policy to cover the mortgage. That would be the only way I would think they would approve that, other than having a much younger person cosign on it.
Is that legal though. I mean if she had the means to pay it can the bank legally deny?
I don't know. I know the life insurance laws as I am studying to get my license, and a life insurance policy for anyone that age would be ridiculous. I my opinion it is irresponsible to grant a 30 mortgage to somebody her age and the bank should lose that money.
_____________________________
Albert Einstein said that insanity is doing the same thing over and over again and expecting different results. That convinces me that our nation is insane because we continually elect republicans and democrats expecting change and get none.
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RE: Fannie helped out someone today - 10/6/2008 10:27:15 PM
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colliefan
Posts: 2995
Joined: 4/12/2005
From: Raleigh, NC
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quote:
I my opinion it is irresponsible to grant a 30 mortgage to somebody her age and the bank should lose that money.
It is irresponsible but can a bank legally deny on the base of age?
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