90 Year Old Addie Polk Shoots Self in Face of Foreclosure

With the economy in the trash at the moment, most of us know the reason behind it is the newest mortgage crises. On Friday, October 3, 2008 a new face was given to the seriousness of the situation - that of one, Addie Polk of Akron, Ohio. When Sheriff's deputies tried to serve her eviction papers because the home she lived in for the past forty years was being foreclosed on, the 90 year-old Addie responded by shooting herself twice in the chest, claims the Akron Beacon Journal.

Amazingly, Polk remains alive under hospitalization at the Akron General Medical Center. Because of the local uproar, Fannie Mae, the holder of the mortgage has forgiven the debt and given her possession of the house. It was a move most assuredly made to avoid bad press; nonetheless it has shined a light and put the nation's housing crises into a more personal level.

Polk and her husband, who passed in 1995, purchased the house in 1970 when the neighborhood was bright and vibrant. It has since fallen to decay amidst an eruption of vacancies. It is unclear the reasons or the prodding she received in taking out a new mortgage with Countrywide Home Loans in 2004. What we do know is that the loan was for over $45,000 on a home worth only $31,230. What is of special interest is why Countrywide gave her the loan, under terms of 30 years at her advanced age of 86. This is the epitome of our crises as a nation at this point. It was only later that the loan was purchased by Fannie Mae.

Bad predatory loans such as this are what has brought our economy to its knees, as reported far and wide in newspapers and financial reports worldwide. Individual bankers have lined their pockets at the cost of economic breakdown.

While there is speculation that Addie Polk knew what she was doing or was otherwise manipulated because of the fact that she also took out a personal loan in the amount of $11,380 the same day as her mortgage, that is extraneous as to the facts of the situation in that the loan should not have been originated in the first place.

Blame is also on the shoulders of Polk in that deputies have tried to serve her eviction papers over 30 times, as reported by CNN. Deputies stated that she never came to the door, however the notes would always disappear so they knew she was getting them. This was simply the last straw for an old woman with nowhere else to turn.

When the Sheriff's deputies attempted to serve the eviction papers on Wednesday, October 1, their knocks were unanswered as stated by the Akron Beacon Journal. There are reports that Polk called the Sheriff's office the day prior claiming that she did not understand what was going on, but the content of the call has not been verified.

The deputies were about the leave after their knocks went unanswered and that is when they heard loud bangs coming from the second story. Polk's neighbor heard the disturbance as well and took it upon himself to investigate. Robert Dillon borrowed a neighbor's ladder and climbed through a window where he found Polk in bed with a long-barreled handgun next to her. He did not immediately recognize that she was wounded and went immediately to let the deputies in through the front door. CNN states that she had her car keys, pocketbook, and life insurance policy neatly laid out in a deliberate suicide attempt.

The country has reeled in shock from the story of Addie Polk and the few that have been untouched by our economic crises are beginning to see the severity of the situation.

Sources:
Phil Trexler, "Foreclosure victim, 90, apparently shoots self", Akron Beacon Journal
Jim Kavanagh, Brad Lendon and Mallory Simon, "Fannie Mae forgives loan for woman who shot herself", CNN