Veteran New York Times economics reporter Edmund L. Andrews was intimately aware of the dangers posed by easy mortgages from fast-buck lenders. But, eager to buy a home and start a new life, he gave in to temptation and began a surreal adventure into the mortgage mayhem that nearly wrecked our economy.Busted weaves together the author's own ride to the edge of bankruptcy with the tragicomic stories of his lenders, the Wall Street pros behind them, and the policymakers in Washington who were oblivious until it was too late. The story takes Andrews to the offices of Alan Greenspan, the mansions of subprime-mortgage millionaires in Southern California, a despondent deal makers' convention in Las Vegas, and Wall Street. Rich with on-the-ground reporting, Busted is a darkly humorous exploration of the cynicism and self-destructive judgment that led to America's biggest economic calamity in generations.More
New York Times economics reporter Edmund L. Andrews knew better than to buy a house during the housing boom in the first decade of the 21st century. And yet his home lust brought him to the edge of foreclosure.
Given a wry, lively reading by Dick Hill, Busted: Life Inside the Great Mortgage Meltdown tries to explain how the housing bubble expanded and collapsed within his own tragic-comic experience. Andrews’ story mixes memoir with interviews with mortgage specialists and his own analyses of the regulatory misjudgments that bolstered the subprime mortgage market.
Hill nicely plays the role of an exasperated journalist who is searching for the root causes of his own poor judgment.
"This deeply personal expose is timely and sobering in its candor." (Publishers Weekly)
"Andrews's autopsy on his mortgage and the conditions that helped produce it is sharp and at times mordantly funny." (The New York Times Book Review)
"Read Busted for the insight....The president and every member of Congress should read this book." (The Washington Post)
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The best book on the mortgage crisis I've read.