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By the will of man (Kebir Blue)

Simcountry: Simcountry Bulletin Board  By the will of man (Kebir Blue)

Sir Michael (Little Upsilon)

Saturday, October 4, 2008 - 06:39 pm Click here to edit this post
Already there Nix, Already there...................

"Fannie Mae forgives loan for woman who shot herself"
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.

In 2004, Polk took out a 30-year, 6.375 percent mortgage for $45,620 with a Countrywide Home Loan office in Cuyahoga Falls, Ohio. The same day, she also took out an $11,380 line of credit.
Full story can be found on the CNN web site.

Why would a licensed "Countrywide knowledgeable home loan expert" (As countrywide's web site calls them) sell an 86 year old woman a 30 year fixed mortgage? Why wasn't she offered a "Reverse Mortgage" that would have paid her? Is she an idiot because she didn't know about or ask for the reverse mortgage? Maybe because a 30 year fixed loan pays a percent of the loan where a reverse mortgage only pays a flat fee?

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