Mortgage finance company Fannie Mae says it's forgiving the mortgage debt of a 90-year-old Ohio woman, Addie Polk who shot herself in the chest as sheriff's deputies attempted to evict her. Polk has refinanced several times since taking out the loan in 1997. She remains hospitalized, but is expected to recover from chest wounds suffered last week.
Everything is wrong with this, isn't it? Her own refinancing, her age, the ease with which it happened, the pushing of society into this position by the banks, the reaction of Fannie Mae which would not write off her debt until, as they put it:
... the incident "certainly made our radar screen ...
Made our radar screen ... yes.
It's sad but people need to wake up to a few realities.
ReplyDelete1. If you take out a mortgage you are not a home 'owner'.
2. If you put money in a bank you are not a saver but an investor.
3. Fractional Reserve Banking means your money is not safe.
There is so much wrong with that situation.
ReplyDeleteReminds me of another institution I know.
ReplyDeleteWhom SHOULD she have shot?
ReplyDeleteWhy lend a 79 year old woman or refinance her, the banks would be aware that this little old lady is closer to meeting her maker than one of 30. This kind of thing (bad money lending decisions) would happen all over the world no doubt, not just in the States I'd think.
ReplyDelete