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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.
Fannie Mae foreclosed on the Akron, Ohio, home of Addie Polk, 90, after acquiring the mortgage in 2007.
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.
On Friday, Fannie Mae spokesman Brian Faith said the mortgage association had decided to halt action against Polk and sign the property "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."
Residents of Akron have rallied behind Polk, who is being treated at Akron General Medical Center. She was listed in critical condition Friday afternoon, according to Akron City Council 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 foreclos... more -
90 Year Old Woman shoots self inside foreclosed home
(CNN) -- A 90-year-old Akron, Ohio, woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home became a symbol of the nation's home mortgage crisis Friday.
Addie Polk is being treated at Akron General Medical Center after shooting herself at least twice in the upper body Wednesday afternoon, her city councilman said.
U.S. Rep. Dennis Kucinich, D-Ohio, mentioned Polk on the House floor Friday during debate over the latest economic rescue proposal.
"This bill does nothing for the Addie Polks of the world," Kucinich said after telling 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."
Neighbor Robert Dillon, 62, used a ladder to enter a second-story bathroom window of Polk's home after he and the deputies heard loud noises inside, Dillon said.
"I was calling her name as I went in, and she wasn't responding," he said.
He found her lying on a bed, and he could see she was breathing. He also noticed a long-barreled handgun on the bed, but thought she just had it there for protection. He touched her on the shoulder.
"Then she kind of moved toward me a little and I saw that blood, and I said, 'Oh, no. Miss Polk musta done shot herself,' " Dillon said.
He hurried downstairs and let the deputies in. He said they told him they found Polk's car keys, pocketbook and life insurance policy laid out neatly where they could be found, suggesting she intended to kill herself. (CNN) -- A 90-year-old Akron, Ohio, woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home beca... more -
Rep Sherman: Marshall law threatened over bailout
From CSPAN....Rep Sherman said on House floor Thursday evening that House Representatives were told on Monday that if they voted NO on the bailout that there would be Marshall Law in America.
The statement is approximately 40 seconds into the video.
If the above link does not work, you can use the link below if you slide all the way down, close to the bottom of the page, where it says "Mr. Sherman" (click on his name)
http://www.c-spanarchives.org/congress/?q=node/77539&am...#
Sherman's Web site
http://www.house.gov/sherman/
Rep for 27th District
Sherman Oaks, CA From CSPAN....Rep Sherman said on House floor Thursday evening that House Representatives were told on Monday that if they voted NO on... more -
Foreclosure City
This video was a shocker to my senses since I live in the Inland Empire where the video was filmed and I've seen the foreclosure signs everywhere. I've always wonder how this people could afford this homes and the life style they were carrying. Seeing the American dream thrown in the dumpster is truly sad. And to think that is going to get worse when those adjustable mortgages recast in the coming months. Lisa Ling did a fabulous job on this piece as usual, top notch. This video was a shocker to my senses since I live in the Inland Empire where the video was filmed and I've seen the foreclosure ... more
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Here's How to Fix the Wall Street Mess ...from Michael Moore
Wednesday, October 1st, 2008
Here's How to Fix the Wall Street Mess ...from Michael Moore
Friends,
The richest 400 Americans -- that's right, just four hundred people -- own MORE than the bottom 150 million Americans combined. 400 rich Americans have got more stashed away than half the entire country! Their combined net worth is $1.6 trillion. During the eight years of the Bush Administration, their wealth has increased by nearly $700 billion -- the same amount that they are now demanding we give to them for the "bailout." Why don't they just spend the money they made under Bush to bail themselves out? They'd still have nearly a trillion dollars left over to spread amongst themselves!
Of course, they are not going to do that -- at least not voluntarily. George W. Bush was handed a $127 billion surplus when Bill Clinton left office. Because that money was OUR money and not his, he did what the rich prefer to do -- spend it and never look back. Now we have a $9.5 trillion debt. Why on earth would we even think of giving these robber barons any more of our money?
I would like to propose my own bailout plan. My suggestions, listed below, are predicated on the singular and simple belief that the rich must pull themselves up by their own platinum bootstraps. Sorry, fellows, but you drilled it into our heads one too many times: There... is... no... free... lunch. And thank you for encouraging us to hate people on welfare! So, there will be no handouts from us to you. The Senate, tonight, is going to try to rush their version of a "bailout" bill to a vote. They must be stopped. We did it on Monday with the House, and we can do it again today with the Senate.
It is clear, though, that we cannot simply keep protesting without proposing exactly what it is we think Congress should do. So, after consulting with a number of people smarter than Phil Gramm, here is my proposal, now known as "Mike's Rescue Plan." It has 10 simple, straightforward points. They are:
(Read article at link) Wednesday, October 1st, 2008 Here's How to Fix the Wall Street Mess ...from Michael Moore Friends, ... more -
The 10 VILLIANS Responsible For DESTROYING the American Economy!
It took 19 hijackers to fuck up America for a good long time. It only took 10 of these cunts to destroy the American economy. Probably permanently. And all 10 will skate away scott free. It took 19 hijackers to fuck up America for a good long time. It only took 10 of these cunts to destroy the American economy. Probably... more
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Economic Recovery Plan being rushed with no alternatives
Congressman Dennis Kucinich says the massive bailout for Wall Street is being rushed by Congressional leaders with no opportunity to discuss alternatives that would help homeowners facing foreclosure and no adequate oversight or regulations. Congressman Dennis Kucinich says the massive bailout for Wall Street is being rushed by Congressional leaders with no opportunity to d... more
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U.S. Mortgage Meltdown Video
U.S. Mortgage Meltdown Reported on CBS!!!!
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House Of Cards: The Mortgage Mess,
Since last summer, Americans have seen their investments shrink and their property values plummet. At the heart of the problem is something called the subprime mortgage crisis, which began back then and continues to ricochet through the economy.
It sounds complicated, but it's really fairly simple: banks lent hundreds of billions of dollars to homebuyers who can't pay them back. Wall Street took the risky debt, dressed it up as fancy securities, and sold it around the world as safe investments. If it sounds like a shell game or Ponzi scheme, in some ways it was a house of cards rife with corruption, greed, and negligence.
Real estate agent Kevin Moran gave Kroft a tour of the wreckage in one subdivision called "Weston Ranch," with block after block of vacant and abandoned houses.
"If you see a 'for sale' sign in this neighborhood that probably is a sign of distress, right?" Kroft asks.
"I would say that, yeah. Two out of three of all the sales are probably foreclosed properties, and/or people who are in distress," Moran explains.
The "for sale" signs and the overgrown lawns in Weston Ranch only show part of the picture. To get a real overview, you need to look at a map from Sean O’Toole's Web site, foreclosureradar.com, which tracks distressed properties in Stockton and other California communities.
"The light blue circles are folks that have gone into default. And that means that's the first step of the foreclosure process," O'Toole says, explaining how his maps color-code properties. "The dark blue is auction properties. And the red icons are properties that were sold at auction, had no bid, and therefore went back to the lender."
As of last week, there were 4,200 Stockton homes either in default or foreclosure; $1.4 billion in bad loans in just one California community, and it is far from over.
"Two months from now, what's this map gonna look like? How many of those light blues are gonna be red?" Kroft asks O'Toole.
"We'll probably see at least 60, 70 percent of these light blues turn red. And we'll see at least this many light blues again," O'Toole predicts.
Banks are auctioning off houses all over California and in South Florida, in Nevada, and in parts of Ohio and Texas, the result of a huge real estate bubble that began forming in Stockton back in 2003, when people priced out of the Bay Area and Silicon Valley discovered that you could buy a four-bedroom home there for just $230,000.
Developers started turning asparagus fields into subdivisions, and lenders handed out free money to anyone who wanted to buy.
"What do you mean by free money?" Kroft asks Jim Grant, the editor of "Grant's Interest Rate Observer" and one the country's foremost experts on credit markets.
"I mean free money. I mean you had to apply not to get a loan, almost. Sometimes you have to apply to get a loan, you almost had to apply not to get one," Grant says.
"When you opened your mailbox in 2004, 2005, you could barely -- people were pressing on you, if you were not institutionalized, all matters of schemes in which to expand your personal debt and mortgage debt. You could, and people did, borrow more than 100 percent of the price of a house with the most fragile of financial bonafides," Grant explains. Since last summer, Americans have seen their investments shrink and their property values plummet. At the heart of the problem is some... more -
Foreclosures are key element missing in plan - Eye on the Economy
$700 billion bailout likely to offer little help for struggling homeowners
Hard as it is to believe, even a $700 billion bailout may not be enough to dig the economy and financial markets out of the hole they're in.
By committing such a staggering sum to end the widening financial crisis, Congress and the White House are hoping to deliver a swift knockout punch to the fear gripping the global markets and economy. But to win bipartisan support, key provisions have been watered down or left vague — including any efforts to stop the wave of foreclosures at the heart of the meltdown.
Much of the debate — and opposition to the plan — centered on Treasury Secretary Henry Paulson’s original request for sweeping powers to spend hundreds of billions of taxpayer dollars on mortgage-backed securities that are unable to attract other buyers.
***article continues**** $700 billion bailout likely to offer little help for struggling homeowners ... more -
Pain on Main Street
ANP: Bailout for Wall Street, but nothing yet for homeowners on the verge of foreclosure.
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Remember The Nigerian Scam Email… Now American Style!!!
Dear American:
I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.
I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.
I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transaction is 100% safe.
This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.
Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.
Yours Faithfully Minister of Treasury Paulson Dear American: I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude. ... more -
Bailout Bill: Save the Homeowners Too!
If we have to rescue Wall Street with a $700 Billion bailout, we better make sure homeowners get some guarantees of help, too. This video tells the story of the grand daddy of all predatory lenders, Ameriquest, and shows why it’s wrong to blame all the borrowers. Hear how many homeowners dealing with foreclosures ended up there and hear the troubling revelations of employees who were on the front line convincing borrowers they were getting a good deal. Visit www.consumerwarningnetwork.com to learn more. If we have to rescue Wall Street with a $700 Billion bailout, we better make sure homeowners get some guarantees of help, too. This v... more
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WHITE HOUSE FACES FORECLOSURE! CONGRESS ASKED FOR BAILOUT PLAN!
Congress asked to come up with a plan to save the White House from being foreclosed on!
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Free market bailed out
700 billion dollar Wall St bailout by Bush administration; 35 years of neo-liberalism crashes.
President Bush says the $700 billion bailout of Wall St. necessary because he's worried about "Main St." Democrats say this plan has nothing in it for Main St. and needs changes. Ron Blackwell, Chief Economist at AFL-CIO says the neo-liberal policies of the last 35 years have failed. Economis Prof. Ellen Frank of the University of Massachusets adds: "This is clearly socializing risk with returns still privatized".
Ron Blackwell is Chief Economist for the AFL-CIO, where he has also worked as Director of Corporate Affairs. Before coming to the AFL-CIO, Blackwell was assistant to the president of the Amalgamated Clothing and Textile Workers Union, and chief economist of UNITE (Union of Needletrades, Textiles and Industrial Employees). Prior to joining the labor movement, Blackwell was an academic dean at the New School for Social Research in New York (now the New School University), where he taught economics, politics and philosophy.
Ellen Frank , Associate Professor of Economics at the University of Massachusetts, Boston, a member of the Dollars & Sense collective. She is the author of The Raw Deal: How Myths and Misinformation about Deficits, Inflation, and Wealth Impoverish America , was published in 2004. 700 billion dollar Wall St bailout by Bush administration; 35 years of neo-liberalism crashes. ... more -
Hedge fund quits, returns money to investors
The best-performing hedge fund manager of the past two years has closed down his funds and is returning money to investors after concluding that the danger of losing money from a bank collapse is too high.
Andrew Lahde, founder of California’s Lahde Capital, told investors last week that further credit problems – the basis of his profits – were likely but the reliance of the bet on bank counterparties made it too risky...
Read The Rest at Link...
http://www.ft.com/cms/s/0/d7ac8494-880f-11dd-b114-00007... The best-performing hedge fund manager of the past two years has closed down his funds and is returning money to investors after concl... more -
NY Times: Skeptics call bailout; "Cash for trash"
In a New York Times column, economic expert Paul Krugman writes:
Some skeptics are calling Henry Paulson’s $700 billion rescue plan for the U.S. financial system “cash for trash.” Others are calling the proposed legislation the Authorization for Use of Financial Force, after the Authorization for Use of Military Force, the infamous bill that gave the Bush administration the green light to invade Iraq.
There’s justice in the gibes. Everyone agrees that something major must be done. But Mr. Paulson is demanding extraordinary power for himself — and for his successor — to deploy taxpayers’ money on behalf of a plan that, as far as I can see, doesn’t make sense.
Some are saying that we should simply trust Mr. Paulson, because he’s a smart guy who knows what he’s doing. But that’s only half true: he is a smart guy, but what, exactly, in the experience of the past year and a half — a period during which Mr. Paulson repeatedly declared the financial crisis “contained,” and then offered a series of unsuccessful fixes — justifies the belief that he knows what he’s doing? He’s making it up as he goes along, just like the rest of us.
So let’s try to think this through for ourselves. I have a four-step view of the financial crisis:
Read The Rest at Link... In a New York Times column, economic expert Paul Krugman writes: ... more -
Senate Democrats want pay limits, equity in bailout
UPDATE: Judges could rewrite mortgages to lower bankrupt homeowners' monthly payments as part of congressional Democrats' proposal for a $700 billion financial system bailout.
Also, companies that unloaded their bad assets on the government in the massive rescue would have to limit their executives' pay packages and agree to revoke any bonuses awarded based on bogus claims, according to a draft of the plan obtained Monday by The Associated Press.
The proposal by Sen. Chris Dodd, D-Conn., the Banking Committee chairman, gives the government broad power to buy up virtually any kind of bad asset — including credit card debt or car loans — from any financial institution in the U.S. or abroad in order to stabilize markets.
More at Link: http://news.yahoo.com/s/ap/20080922/ap_on_bi_ge/financi... UPDATE: Judges could rewrite mortgages to lower bankrupt homeowners' monthly payments as part of congressional Democrats' pr... more -
Stocks fall as investors await bank bailout plan
Wall Street fell in early trading Monday as investors nervously awaited further news about the government's plan to buy $700 billion in banks' mortgage debt. The Dow Jones industrials were down more than 150 points while the credit markets remained nervous, but not showing the signs of panic that Treasury trading saw last week...
(Read Reat at Link...) Wall Street fell in early trading Monday as investors nervously awaited further news about the government's plan to buy $700 bill... more -
C-Span Live, hearings recessed
Here is where you can check for hearings: http://www.c-span.org/Watch/C-SPAN_wm.aspx
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