In Atlanta, Georgia, Deputies arrived to evict the individuals occupying a home that had been foreclosed. It turns out that the occupants were a 103 year old woman and her 80 some year old daughter. The story has been carried recently by Ohiofraudclosure and a number of other groups attempting to fight foreclosures throughout the nation. Today, I received my electronic edition of the ABA journal, which ran the story along with a comment section. The comments mirrored those that I have heard throughout the halls of the Courts; "they spent their equity", "they are playing the blame game", "when did they last make a payment", "they just want a free home".
These educated professionals are clueless. Someone should take just a moment to think about who convinced this elderly woman to borrow against her equity?, was she targeted because or her age or race?, was she improperly placed in a high risk adjustable rate mortgage with interest only payments?, did she qualify for a conventional loan with a low fixed interest rate?
Who is generating these talking points blaming the homeowners for borrowing too much and being irresponsible? The Banks. Do not look at all the outright fraud committed by the Banks, just blame the entire economic crisis on individual homeowners who purposely signed up to lose their life savings; wasted their time, efforts and energy to make their homes nice for their families, all to live in the house only for as long as they could play the Court system. Really ????
If the ABA truly believes the above, then I have to seriously question the current admissions standards to the practice of law.
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