http://www.cnn.com/2008/US/10/03/evi...mpt/index.html
Quick summary - 90 year old woman is being evicted from her home as a result of foreclosure. Rather than be forced out of her home, she attempts suicide. Politicians use this example as fodder for how people like her aren't getting the help they need.
Ok now to put the flame suit on - if you read a little bit down in the story, you will read that she has lived in the home since 1970. She took out a mortgage and a line of credit in 2004!!!! She lived in a home for 38 years, and took out a mortgage for it just 4 years ago. Now, I'm sure people will defend her as a victim of the current mortgage crisis, which she may very well be because of her age and vulnerability, but what in the hell is someone thinking that takes out a mortgage after owning their home for 34 years? The reason why is because they could. Easy money was the enticement for millions upon millions of homeowners when it clearly was not in their best interest to do so. At some point, people have got to realize that no one truly forced anyone's hand to sign on the dotted line for things they couldn't afford - it was driven by those person's own motives. On this particular note, the payment was only roughly $284 and she clearly defaulted on it. If she knew, the lender knew and everyone involved knew (which they absolutely had to have known) she couldn't afford $284 a month, the loan should not have happened!!
Now, don't get me wrong - I do empathize for this poor woman. She likely did not understand the full ramifications of her actions at the age of 86. But rather than being an example of the "poor average Joe" who was taken advantage of, this should serve as an example of the absolute absurdity and senselessness that millions of Americans have displayed in the last few years using their homes as ATMs.
10-03-2008, 08:00 PM
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