Woman, 90 shoots herself as bailiffs move in.

britexpat
By britexpat

Side affects of the mortgage crisis,,,,

Addie Polk, 90, shot herself in the chest moments before bailiffs were due to march her out of her house, after mortgage giant Fannie Mae hardened its approach to victims of the U.S. sub-prime mortgage crisis.
Ms Polk, now recovering in hospital, had taken out a 30-year mortgage four years ago for $45,620 - when her two-storey house in Akron, Ohio, was valued at $31,230. She had lived in the house for 38 years.

Neighbour Robert Dillon points to the upstairs bedroom where Addie Polk, 90, shot herself rather than face eviction from her home

She placed her life insurance policy next to her keys in the neatly kept house and shot herself after being told the house would be repossessed as she could not keep up repayments.

She had told neighbours she could not afford to carry out repairs but no one in the small community knew the extent of her crisis.
Barack Obama and John McCain are campaigning in the state, a key battleground where either could now win.

More...Greed that fuelled the crash: How city fat cats
Robert Dillon, 62, a friend who visited Ms Polk in hospital after she shot herself on October 1, said: '"She said that was a crazy thing to do. [I told her] that's crazy to you."'

Campaigners said her plight highlighted problems facing up to 40 per cent of US borrowers - or 20 million households - after lenders gave out impossibly high mortgages during the housing boom.
Fannie Mae, now under state control, has since dropped the repossession and said Ms Polk could remain in the home.

By qatarisun• 14 Oct 2008 12:48
qatarisun

it is strange brit.. :)

By Pieman• 14 Oct 2008 12:27
Pieman

Who gives an 86 year old a mortgage to repay over 30 years????

No wonder the financial world is in such a mess

just eat another pie

By britexpat• 14 Oct 2008 12:22
britexpat

The strange thing is that she had taken out a 30-year mortgage four years ago for $45,620, when her house was actually valued at $31,230.

She should be able to sue the moron who advised her...

By qatarisun• 14 Oct 2008 11:28
Rating: 5/5
qatarisun

first, she is not dead

second, i kindda understand her. It's very hard to make any changes in your life when you are 90. To move out of her house? where? why? how?

By Turbo• 14 Oct 2008 11:09
Rating: 2/5
Turbo

yeah ok... she may NOW remain in her home!!!

after shes dead???

... with all due respect to Ms Polk.

_

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