Monday, October 6, 2008

Fannie Mae stops foreclosure on 90 year old Ohio woman's home

Last week, I posted an article about the impending retirement crisis in America and the inadequacy of Social Security as a "safety net for our elderly".

Last Wednesday, Addie Polk, a 90 year old woman, who took out a mortgage from Countrywide on her modest two story house to help make ends meet, shot herself twice as deputies attempted to forcibly remove her from her home.

Fortunately, this story may have a happy ending. After being listed in critical condition at the local hospital, Addie appears to be on the mend and the entire city of Akron Ohio has rallied to her assistance.

But there are millions of Americans who are facing foreclosure across the nation. Some of them live right here in Whatcom County.

How do we help them?

Where will evicted families and individuals live once their homes are gone? Shanty town camps on the outskirts of town?

How will children get to school? Find a warm meal, finish their homework, or take a warm bath?

What happens to the elderly -- when temperatures drop below freezing?

What do you think -- do we have enough subsidized housing and soup kitchens in this nation to provide shelter for the millions of citizens who will be displaced due to foreclosures?

(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.

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.

Last Friday, on the floor of the House, U.S. Rep Dennis Kucinich told members, "This bill does nothing for the Addie Polks of the world," In fact, "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."

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.

The entire story can be read here:

Breaking News:

Countrywide Customers to Get Foreclosure Assistance

Mon, 6 Oct 2008 08:38:56 EST
In a sweeping deal that could be worth more than $8.4 billion, Bank of America Corp. has agreed to settle claims brought by state Attorneys General regarding certain risky loans originated by Countrywide Financial Corp.

The move will diffuse some of the legal problems Bank of America inherited with its purchase of Countrywide Financial Corporation last July.

The new program will involve the creation of a proactive home retention solutions expected to affect nearly 400,000 former Countrywide customers.

No comments:

Post a Comment