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alstry (35.03)

Shoot Yourself....Get a Free House

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October 04, 2008 – Comments (6)

(CNN) -- 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 ****, 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 **** 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."

http://www.cnn.com/2008/US/10/03/eviction.suicide.attempt/index.html

As I have tried  to warn you in the past.....the elderly in America are facing unprecedented financial hardships.  Those millions and millions that are dependant on social security simply cannot make ends meet.  The are forced to choose between food, clothing, shelter, heat, and medication.

As this blog is written....millions and millions of American elderly are facing severe financial crisis.  So are many of our cities and states.  Now hundreds of thousands of businesses will likely fail or shut down over the next few years causing unemployment to skyrocket.

AMERICA IS IN DECLINE...we must  take steps NOW!!!!!!

"She loves that house," he said. "I hope they can get her back in. That would make me feel better because I don't know what they're going to put in there once she leaves."

He said the neighborhood is declining because so many people have lost their homes.

"There's a lot of vacant houses around here. ... Now I'm going to have a house on my left and a house on my right, vacant," he said. "That don't make me feel good, because we were good neighbors, we trusted each other, and we looked out for each other.

"This neighborhood is shot, to me, from what it used to be," he added.

Lot's of neighborhoods are decaying.

Not only will this bailout plan not work....it completely misses the problem of too few qualified borrowers.

We must  restructure now or feel much greater pain down the road.

6 Comments – Post Your Own

#1) On October 04, 2008 at 10:38 AM, jegr5347 (< 20) wrote:

I have been a skeptic of yours over the last year. Not so much as FB.

I have to say the stuff I am seeing is amazing. Its like WWII of the financial markets. I saw a couple of you tube's about the Great Depression, the similarities.......

The Governator asking the Fed for a loan because Cali can't rollover paper?  WTF!!!!!!!

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#2) On October 04, 2008 at 10:56 AM, Nainara (< 20) wrote:

My company gave her a house? Do I get to vote on it?

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#3) On October 04, 2008 at 11:04 AM, alstry (35.03) wrote:

Please note the number of posts I have made over the last six months.

I did it intentionally because it gave me zero outs.

I am highly confident what we are about to face is unprecedented.  Traditional theories of adding to the money supply will not work.  Niether will there be any turn around for housing for at least the next five years.

If we hyperinflate....regardless of what nominal housing prices do....we will not be able to afford to simply maintain it, pay taxes and insurance because salaries will not keep up.

There are many elderly who own their homes free and clear simply can't keep up because of fixed incomes.  Hyperinflation will not be too different.

Hyperinflation will truly be the WMD of American society and economy.

At this point, I doubt that there are too many people in America who understand the topic better than I do.  It is not too complicated but very difficult accept. 

At this point, none of us are experts despite what you hear on TV.  We are entering  unchartered waters.  We are basically at the whim of the banking system to determine who lives and dies.

We are all broke....States, Cities, Hospitals, Insurance Companies, Businesses, ect.....

Maybe its time for a lifeline and call a friend????

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#4) On October 04, 2008 at 4:44 PM, jegr5347 (< 20) wrote:

Alstry,

How are you approaching this at your professional and household level in terms of taking measures to manage this impact?

I see all the news so far away that I still can't understand how it will affect my household.

Is cash king? Then what will the dollar be worth when we have $11tril in debt? Put your money in real estate now? Gold, diamonds?

During the great depression, there was 25%-30% unemployment. Will I be in the 30% or 70% bucket?

It seems so long ago when the Bear Stearns hedge funds blew up and officially opened the flood gates. I guess a year an a half ago. Where we will be a year from now?

I just read an article on credit default swaps. These things dwarf subprime and they are starting to blow up.

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#5) On October 04, 2008 at 4:51 PM, alstry (35.03) wrote:

That is a good question and no one really knows the answer.  As an attorney I can tell you that the rule of law has been pretty much thrown out the window.

At this point we can only watch and see how our government controlled by Wall Street structures things.

For what its worth, at this time I would stay as far away from Real Estate as I possibly can from a general sense....all forms of RE.

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#6) On October 05, 2008 at 9:25 AM, leo744 (< 20) wrote:

If not real estate then where to we go to protect ourselves??

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