Economic Crisis Leaving Tragic Trail

(AP)  An out-of-work money manager in California loses a fortune and wipes out his family in a murder-suicide. A 90-year-old Ohio widow shoots herself in the chest as authorities arrive to evict her from the modest house she called home for 38 years.

In Massachusetts, a housewife who had hidden her family's mounting financial crisis from her husband sends a note to the mortgage company warning: "By the time you foreclose on my house, I'll be dead."

Then Carlene Balderrama shot herself to death, leaving an insurance policy and a suicide note on a table.

Across the country, authorities are becoming concerned that the nation's financial woes could turn increasingly violent, and they are urging people to get help. In some places, mental-health hot lines are jammed, counseling services are in high demand and domestic-violence shelters are full.

"I've had a number of people say that this is the thing most reminiscent of 9/11 that's happened here since then," said the Rev. Canon Ann Malonee, vicar at Trinity Church in the heart of New York's financial district. "It's that sense of having the rug pulled out from under them."

With nowhere else to turn, many people are calling suicide-prevention hot lines. The Samaritans of New York have seen calls rise more than 16 percent in the past year, many of them money-related. The Switchboard of Miami has recorded more than 500 foreclosure-related calls this year.

"A lot of people are telling us they are losing everything. They're losing their homes, they're going into foreclosure, they've lost their jobs," said Virginia Cervasio, executive director of a suicide resource enter in southwest Florida's Lee County.

But tragedies keep mounting:

In Los Angeles last week, a former money manager fatally shot his wife, three sons and his mother-in-law before killing himself.

Karthik Rajaram, 45, left a suicide note saying he was in financial trouble and contemplated killing just himself. But he said he decided to kill his entire family because that was more honorable, police said.

Rajaram, an Indian immigrant, once worked for a major accounting firm and for Sony Pictures, and he had been part-owner of a financial holding company. But he had been out of work for several months, police said.

After the murder-suicide, police and mental-health officials in Los Angeles took the unusual step of urging people to seek help for themselves or loved ones if they feel overwhelmed by grim financial news. They said they were specifically afraid of the "copycat phenomenon."

"This is a perfect American family behind me that has absolutely been destroyed, apparently because of a man who just got stuck in a rabbit hole, if you will, of absolute despair," Deputy Police Chief Michel Moore said. "It is critical to step up and recognize we are in some pretty troubled times."

In Tennessee, a woman fatally shot herself last week as sheriff's deputies went to evict her from her foreclosed home.

Pamela Ross, 57, and her husband were fighting foreclosure on their home when sheriff's deputies in Sevierville came to serve an eviction notice. They were across the street when they heard a gunshot and found Ross dead from a wound to the chest. The case was even more tragic because the couple had recently been granted an extra 10 days to appeal.

In Akron, Ohio, the 90-year-old widow who shot herself on Oct. 1 is recovering. A congressman told Addie Polk's story on the House floor before lawmakers voted to approve a $700 billion financial rescue package. Mortgage finance company Fannie Mae dropped the foreclosure, forgave her mortgage and said she could remain in the home.

In Ocala, Florida, Roland Gore shot his wife and dog in March and then set fire to the couple's home, which had been in foreclosure, before killing himself. His case was one of several in which people killed spouses or pets, destroyed property or attacked police before taking their own lives.

"The financial stress builds up to the point the person feels they can't go on, and the person believes their family is better off dead than left without a financial support," said Kristen Rand, legislative director of the Washington D.C.-based Violence Policy Center.

Dr. Edward Charlesworth, a clinical psychologist in Houston, said the current crisis is breeding a sense of chronic anxiety among people who feel helpless and panic-stricken, as well as angry that their government has let them down.

"They feel like in this great society that we live in we should have more protection for the individuals rather than just the corporation," he said.

It's not yet clear there is a statistical link between suicides and the financial downturn since there is generally a two-year lag in national suicide figures. But historically, suicides increase in times of economic hardship. And the current financial crisis is already being called the worst since the Great Depression of the 1930s.

Rising mortgage defaults and falling home values are at the heart of it. More than 4 million Americans were at least one month behind on their mortgages at the end of June, according to the Mortgage Bankers Association.

A record 500,000 had entered the foreclosure process. And that trend is expected to continue through next year, despite the current programs from the government and the lending industry to refinance delinquent homeowners into more affordable loans.

Counselors at Catholic Charities USA report seeing a "significant increase" in the need for housing counseling.

One counselor said half of her clients were on some form of antidepressant or anti-anxiety medication. The agency has seen a decrease in overall funding, but it has expanded foreclosure counseling and received nearly $2 million for such services in late 2007.

Adding to financially tense households is an air of secrecy. Experts said it is common for one spouse to blame the other for their financial mess or to hide it entirely, as Balderrama did.

After falling 3 1/2 years behind in payments, the Taunton, Massachusetts, housewife had been intercepting letters from the mortgage company and shredding them before her husband saw them. She tried to refinance but was declined.

In July, on the day the house was to be auctioned, she faxed the note to the mortgage company. Then the 52-year-old walked outside, shot her three beloved cats and then herself with her husband's rifle.

Notes left on the table revealed months of planning. She had picked out her funeral home, laid out the insurance policy and left a note saying, "pay off the house with the insurance money."

"She put in her suicide note that it got overwhelming for her," said her husband, John Balderrama. "Apparently she didn't have anyone to talk to. She didn't come to me. I don't know why. There's gotta be some help out there for people that are hurting, (something better) than to see somebody lose a life over a stupid house."

[elaineiq]

GREED? You talk GREED and you don''t see Barney Frank, Chris Dodd, Chuck Schumer, Democrats Franklin Raines and Jim Johnson who ran Fannie Mae and Freddie Mac, personally took millions in bonuses while running up trillions in sub-prime loans and who are advisors and supporters of Obama? You don''t see ACORN street activists and community organizers campaigning to pressure banks to lower lending standards then Lobbying Democrats to push Fannie and Freddie into more loans (trained and supported financially by Obama)? You don''t see Democrats in Congress who received millions from Fannie and Freddie for blocking government requests for stricter oversight of their industry? First Clinton''s Admin. and Dept of Housing & Urban Development requests for oversight were blocked just before he left office, then Bush''s requests in 2001, 2002, 2003 and every time after. Then the Bills presented in Congress requesting oversight and warning of this impending crisis were blocked each time by Democrats Barney Frank, Chris Dodd, Chuch Schumer, Pelosi, Reed, Kerry. Who got money? All of the above and Senator Obama! Now the same people are "investigating" this? You think they''re going to prosecute themselves? Or point the finger at the banks and others who contributed but were not at the root of it and were not the ones blocking attempts to correct it before it was too late. When you look at the Greed, look at the root cause and how it happened and who profited from it!

[runningralph]

getaclue777 you need to get one. You can''t get evicted on a reverse moprtgage. The bank pays you on a reverse mortgage. You can stay in the house until you die. caldwellptr has the right idea. People with the right stuff will move on after a loss. But perhaps this poor lady didn''t have any right stuff left. God rest her soul.

[austinl7]

The economic crisis is a problem. Our household had hoped to consider retirement. Well that dream isn''t too realistic right now. This last weekend we held many chats. There was anger, resignation, and all stages you go through for death and dying. I consider my family sane and well-balanced. ... and we''re working through some situational depression. It''s no wonder to me that the times have driven some folks to the brink. Austin
http://drughealth.blogspot.com/

[caldwellptr]

You need to be able to walk away from everything in life except life itself.

[getaclue777]

How does a 90 year old have a mortage???

Aren''t reverse mortgages specifically for the older folks?

[bikerb54]

Why do you have to bring up Obama at this time? That has nothing to do with the article!! dante805-you are such a d---head! The current government was supposed to be on top of the finances in this country, but they are tooo busy taking care of themselves and **** on the citizens that elected them, gave them the great perks-great pay, nice homes, beautiful cars-and we pay for those great perks. GREED has ruled this country long enought. Greed being spelled R E P U B L I C A N S!!!!

[dante805]

No good American will actually VOTE for Obama. The Chavez loving castro apologist is DANGEROUS to this country''s future. Look at his associates; ACORN, AYERS, WRIGHT, FARAKHAN, Pelosi, Reid. Do you really want Obama appointing 3 supreme court justices just like Ruth Ginsburg? Scary. think twice before voting for a Marxist.

[bikerb54]

marybethinct, why can''t a 90 year old have a mortgage? I bought my house later in life and my mortgage won''t be paid off till I''m 80. Plus, she probably refinanced or did a home equity loan. Life isn''t perfect, things crop up and people need money. Retirement and SSI don''t always give you enough money for the emergencies or unforseen problems. She wasn''t nuts, she was probably taken advantage of by some preditory lender promising her "things will be ok" then they screwed her and she lost all she had worked for all her life, no place to go, no help and just reached the end of her rope and no knot to hang on to. Don''t be so quick to judge someone as "nuts" unless you live their life and try to deal with their problems.

[chyenna-2009]

Insanity IS NOT the only reason people take their lives. Situational depression (depression due to a certain situation) can make a person suicidal. These people losing everything are depressed, and most, rightfully so. And without children, government assistance is worthless. It can take years to get public housing, and parents with children are at the top of the list. People without children are at the bottom.

[bikerb54]

runningralph, the safety nets you discribe are not that willing to help. The system you call "welfare" is so clogged with the immigrants coming into our country, not just from Mexico either, are getting into these programs and making it harder for our citizens to obtain these "safety nets". These organizations use money from the state and funds are not as readily available as they used to be. So with the illegals taking benefits they should have no rights to, things are even harder for our poorer classes.