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Busted: Life Inside the Great Mortgage Meltdown Hardcover – May 22, 2009
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Based on seven years of reporting from over a dozen countries, writer Tom Wainwright takes you on an extraordinary journey into the business of being a drug lord. Learn more.
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From Publishers Weekly
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
[T]he value of thisvividly written history is in the way it helps toexplain how our country reached the pointwhere about one out of 10 home mortgagesis either overdue or in foreclosure. Somepeople blame lax regulation. Others point toloose monetary policy at the Federal Reserveand greed on Wall Street.Mr. Andrews's book makes it clear that thereal culprit is human nature.--James R. Hagerty
Starred Review. This deeply personal expos is timely and sobering in its candor.
Provides important information on the recent mortgage debacle and the hazards of consumer debt. A must-read... --Mary Whaley"
Andrews uses his travails as a prism for viewing the forces behind the bubble. . . . Step by step, he investigates the institutions that gave him the rope with which to hang himself. --James Pressley"
Starred Review. This deeply personal expose is timely and sobering in its candor. "
A fascinating meditation on the experience of the crisis from the point of view of those facing foreclosure. --David Warsh"
Read Busted for the insight. . . .The president and every member of Congress should read this book. --Michelle Singletary"
The fact that lenders were happy to provide the money lies at the heart of Andrews' compelling book: Borrowers and lenders alike were drunk on credit and blind to the risks. --Jim Weiker"
[T]he value of this vividly written history is in the way it helps to explain how our country reached the point where about one out of 10 home mortgages is either overdue or in foreclosure. Some people blame lax regulation. Others point to loose monetary policy at the Federal Reserve and greed on Wall Street. Mr. Andrews's book makes it clear that the real culprit is human nature. --James R. Hagerty"
Andrews s autopsy on his mortgage and the conditions that helped produce it is sharp and at times mordantly funny. --Tom Vanderbilt"
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Top Customer Reviews
Well, not so much.
Andrews, the author, is a "New York Times" financial reporter who gets in deep with the mortgage credit crisis that, in a wider view, destablized the U.S. economy. Definitely a story many can relate to and quite timely. (Timely enough to save Mr. Andrews house, due to book revenues, one gathers from recent interviews.)
But what Mr. Andrews misses in his "it can happen to anyone" premise is that most of the people in deep are, we hope, not like him.
Andrews, by his own admission, is highly paid ($120k/year) but is deeply upset that, after 20-plus years of marriage and three kids, he is required to pay his ex-wife alimony and child support that total a large chunk of his take home pay--something he repeatedly deems unfair. (Seriously, a HUGE part of this book is how unfair life is to Mr. Andrews, who apparently defines "unfair" as anything that includes him living up to his financial obligations.)
Mr. Andrews also deftly skims over the fact that he is, in truth, a deadbeat dad. (Though he repeatedly claims that many of his excesses--the fancy house, vacations, clothes, dinners out, etc.--are "for the children.") He admits his wages are actually GARNISHED for these cursed child support/alimony payments, something that doesn't happen without a court-order, which can't come without a serious history of abuse by the payee. Mr.Read more ›
First, let me just say that Andrews might be a really fine person and tons of fun at parties, but throughout the entire book it's pretty apparent that he wasn't thinking with his "big head" when he was making tons of bad financial decisions. He ditches his wife of 21 years - apparently not realizing that there's a reason why people say after 20 years of marriage, "it's cheaper to keep her." He initiated the divorce, he has three kids, and his first wife apparently didn't work - that's basically a recipe for getting socked with huge alimony and child support payments, yet he seems incredulous and petulant that he would have to support his former family even after he's moved on to his magical new beginning. He ends up with a "captivating" woman he knew in high school - a homemaker with 4 kids and apparently not much in the way of common sense, financial savvy, or ambition. Now, I don't know if this is true everywhere, but "homemaker" where I come from means "woman with no job." Patty, his new wife, hasn't worked in over 20 years, yet throughout the book, Andrews talks about expecting her to get a job making at least $40,000 a year to supplement the family's income.Read more ›
I do not intend to absolve the mortgage industry or banks for their vile misdeeds over the past few years but it doesn't take a college education to easily avoid falling into the pit. The fact that his mortgage broker, Bob, was eager to loan Mr. Andrews ridiculous amounts of money with no evidence of even a hint of ability to repay is no excuse for Mr. Andrews to have taken on this debt -- nor, most especially, for Mr. Andrews to suck money from people arguably even dumber than he (the people who bought/buy his book) as a last-ditch attempt to avoid debtor's prison (if only there were such a thing today).
My final criticism has nothing to do with the subject of Mr.Read more ›
Most Recent Customer Reviews
I first saw Ed Andrews in the documentary, "The Flaw," available on Netflix. I highly recommend everyone watch it. Read morePublished 17 months ago by J. Stanton
In this book - Busted: Life Inside the Great Mortgage Meltdown - Mr. Andrews took the readers through his first-hand experience as a subprime burrower. Read morePublished on January 26, 2013 by TPE
New York Times reporter Edmund Andrews wrote in the Introduction to this 2009 book, "If there is anybody who should have avoided the mortgage catastrophe, it is me... Read morePublished on June 20, 2012 by Steven H Propp
This book beat my expectations; the best reportage on the subprime mortgage mess I've yet read. Andrews' account of his own personal financial crisis and its emotional fall-out is... Read morePublished on August 10, 2011 by catalina
If the author spent more of these pages talking about the mortgage meltdown I could have been satisfied with this book, as I appreciate the writing style. Read morePublished on July 19, 2011 by EMANUEL TORRES
I borrowed this book from my local library because I was looking for a book exclusively about the housing bubble. Read morePublished on May 7, 2011 by G.X. Larson
Edmund Andrews has written an interesting book about the mortgage crisis and how it affected him personally. Read morePublished on February 20, 2011 by A Reader
Some of the insights in this book were simply frightening. The extreme machinations of lenders, brokers, bankers and others to perpetuate a system they knew was faulty and... Read morePublished on January 24, 2011 by Burgundy Damsel
Terrible book, don't buy this! What a waste of paper. What a drivelling piece of self pity this turned out to be. Read morePublished on December 10, 2010 by bigporkrind