A Case Study: Addie Polk
It took the tragic suicide attempt of an elderly woman to prompt Fannie Mae to forgive the outstanding loan on her foreclosed home. Addie Polk who is 90 years old was found shot by her own hand following numerous attempts by Deputies to serve her the eviction notice that would have her kicked out of her long time residence.
Fannie Mae foreclosed on the Akron, Ohio, home of Addie Polk, 90, after acquiring the mortgage in 2007. Annie and her husband had owned the home since 1970 and between 2004 and 2007 Mrs. Polk had trouble meeting some of her mortgage payments. Fannie Mae then put the house up for foreclosure.
Addie Polk, who is from Akron, Ohio became a tragic reminder of the impact of the home mortgage companies’ crisis on the elderly. With two self-inflicted shots to her chest she was rushed to hospital.
Two days later, Fannie Mae spokesperson Brian Faith said the mortgage association had stopped the action against Miss Polk and the property was signed "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."
U.S. Rep. Dennis Kucinich, D-Ohio, mentioned the Polk story on the House floor during debate over the latest economic rescue proposal: This bill does nothing for the Addie Polks of the world," Kucinich said after relating 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."
"There's a lot of people like Miss Polk right now. That's the sad thing about it," said Akron City Council President, Marco Sommerville. "They might not be as old as her, some could be as old as her. This is just a major problem."
I'm glad it's not too late for Miss Polk, because she could have taken her life," Sommerville said. "Miss Polk will probably end up on her feet. But I'm not sure if anybody else will."
