Fannie Mae forgives loan for woman who shot herself

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."
Residents of Akron have rallied behind Polk, who is being treated at Akron General Medical Center. She was listed in critical condition Friday afternoon, according to Akron City Council President Marco Sommerville.
U.S. Rep. Dennis Kucinich, D-Ohio, mentioned Polk on the House floor Friday during debate over the latest economic rescue proposal.
"This bill does nothing for the Addie Polks of the world," Kucinich said after telling her story. "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."


Fannie Mae forgives loan for woman who shot herself - CNN.com


Not sure if this is a good thing. Will others in the same situation do the same hoping for the same results ?
This loan is all on the person that wrote it how do you write a loan for a 86 yr old woman for 30 yrs mind you. She would be 116 before it was paid off. Something is not right here.

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"When faced with facts and truths do the Democratic thing, Ignore them they will go away" Me
Senator Obama what is your experience ?
I have been in the Senate for a total of 1347 days of which 600 of them have been running for President of the United States I have introduced 121 pieces of Legislation of which 116 never made it out of committee's and 2 passed. I have released 6 books and one cd in that time.
Oh that is not good enough? I was also a community organizer I am good at pushing buttons

Sorry but that is BS. Is that how they are going to spend my tax $'s?

Hell, getting foreclosed on? No problem shot yourself in the chest and keep your house, if you survive?

I dont believe she did either.

But others that are in the same situation might think there loan will be forgiven

The Loan Officer should have to pay it back

Go get a loan.. play russian Fanny may roulette...

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Speaking from experience, you can NOT discriminate against a qualified loan applicant based on their age.

Nor should you. For the lender's POV, once a person passes away, their estate assumes payments of any debt. Therefore, it's not wrong or predatory to grant a loan to someone who is 86 years old, especially on a property.

However, and this is a big however, this loan isn't that old. I'm going to assume, and perhaps this is wrong because I don't know details, but I'm thinking that this woman's income didn't change much from the time she was 86 until she was 90. If ANYTHING, pension and SS payments should have remained constant.

How did she qualify to pay for this loan four years ago and face foreclosure now?

Something doesn't add up.

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No one can make you feel inferior without your consent.
--Eleanor Roosevelt

I blame the lenders for taking advantage. They knew she was a risk from the get-go. I understand no one should be discriminated. But simply the bank knew she would be a risk for a loan.

Maybe the house was just too expensive for her income. The banks already knew that. They could have helped her find a less expensive home, or could have guided her to a more suitable means of living.

In the same token. She should have known what she was signing on to. She known that she wouldn't live long enough to pay the loan off. Did she have any beneficiary? Did she have a backup plan in case she lost income?

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A democracy is nothing more than mob rule, where fifty-one percent of the people may take away the rights of the other forty-nine. - Thomas Jefferson