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21 of 23 people found the following review helpful
4.0 out of 5 stars A Testament to Immaturity
This is a book that needs to be read, even though it will make you lose your faith in humanity for a long time to come. Andrews analyzes in great detail how the lending institutions gradually became more and more driven by the desire for instant profit without stopping to think for a second what will happen long term. The author also brings to light the incredible,...
Published on April 4, 2010 by Amazon Customer

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105 of 117 people found the following review helpful
1.0 out of 5 stars A Takers Take on What's Wrong and Why HE Shouldn't Have to Stop Taking, But Everyone Else Should
This tale, well-known from its much-hyped "New York Times Magazine" excerpting, is based on the idea that it "if it can happen to me, it can happen to anyone."

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...
Published on June 13, 2009 by S. WIlliams


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105 of 117 people found the following review helpful
1.0 out of 5 stars A Takers Take on What's Wrong and Why HE Shouldn't Have to Stop Taking, But Everyone Else Should, June 13, 2009
This review is from: Busted: Life Inside the Great Mortgage Meltdown (Hardcover)
This tale, well-known from its much-hyped "New York Times Magazine" excerpting, is based on the idea that it "if it can happen to me, it can happen to anyone."

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. Andrews also never once mentions the fact that this large sum of money he pays to his ex (whom I ended up feeling deep sympathy for, and whom I hope takes him back to court for a cut of the book profits) is tax deductible, by him, and taxed, for his ex-wife, therefore leaving her FAR less (in actual cash) than the amount he repeats ad nauseum, and him with a likely hefty tax refund at year's end. (And while he, again and again, stresses that "half his income" is just not enough for himself alone to live on, he feels it is presumably way more than his ex-wife WITH CUSTODY OF HIS THREE CHILDREN needs. A concept so selfish and dense it is almost laughable.)

Then there's the new wife. A wife with basically no job history and four kids of her own to support. (Though she does have a much-documented history of bankruptcy, apparently.) She's not well portrayed in Mr. Andrews story, though based on interviews given jointly to promote the book, apparently they're still together. Mr. Andrews dwells on how unhappy and miserable his first marriage was--something I'm sure his kids are thrilled to read about--and how in love he is with his new wife, only to trash her throughly in print as greedy, lazy and a demanding spendthrift. (Gee, wonder why Mr. Andrews marriages don't work out?)

So, Mr. Andrews and his new bride buy a house that Mr. Andrews, from minute one, knows he can't possibly afford. And, guess what? They then can't afford it! (Shocking, I know. Hope no one thinks I'm spoiling the ending.)

In "Busted," Mr. Andrews, again and again, strongly contends that it is the people around him--his new wife, his ex-wife, his mortgage broker (who gets him refinanced multiple times, in ever-stranger loans to continue this lifestyle Mr. Andrews freely admits they can't afford but he's unwilling to forego), the banks, the economy (which he insists cost his new wife two different jobs), Alan Greenspan (whom Andrews actually personally confronts and blames in a cringe-worthy scene of massive self-delusion), the system-at-large, even his own kids--who are responsible for what happened. In short, it's everyone's fault but Mr. Andrews.

And, in that sense--a complete and total lack of personal responsibility, combined with an impossibly smug sense of entitlement--perhaps Mr. Andrews really has hit on the key reason why the U.S. economy is in it's current state. It's not the economy, it's the people like Mr. Andrews who abuse it.

Though he apparently intended "Busted" as a sob story, or at least wrote it as such, about what was wrong with the economy, it's a far more accurate look at what is wrong with society (namely, people like Mr. Andrews and his wife, who take and take and take) that is truly highlighted in this tale of woe penned by an out-of-touch, middle-aged, wealthy white man who just can't imagine that he doesn't deserve to live better than "the little people" that surround him.

The endless justifications and explanations of why he is so very different than all the other morons in his same situation are mind-numbing, boring and just plain annoying to read. It's like talking to a very self-centered friend for 300-odd pages about why they deserve so much better than they have. Do yourself a favor and skip it!

EDITED TO NOTE: I just wanted to add, to all those who say I'm not understanding or being holier than thou, or something else along those lines ... If an average citizen had written this book, yes, I'd still think they were irresponsible BUT I don't think I'd feel the same level of vitriol I do about Andrews' story. Mr. Andrews is NOT just an ordinary guy. He's the chief Washington D.C. FINANCIAL REPORTER for the "New York Times." He's (very well) paid to educate the public on finances, and he's been doing it for decades now. I don't buy for one second that he didn't know better than just about everyone in the U.S., save a handful of Wall Street execs, EXACTLY what he was getting into and what was going on. Truthfully, we all should have known better, but the fact is Mr. Andrews DID, and still jumped in with both feet and now wants us to feel sorry for him for doing so. Galling doesn't even begin to cover it.
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26 of 26 people found the following review helpful
2.0 out of 5 stars Classic example of "have your cake and eat it too" thinking, February 6, 2010
This review is from: Busted: Life Inside the Great Mortgage Meltdown (Hardcover)
It would be tempting to believe that so many people who have gotten caught in the mortgage crisis were duped into their bad decisions - lead down the primrose path by greedy bankers and people with no scruples who were just looking to enrich themselves. That's the principle of this book, anyway. Unfortunately - as it usually is - the truth is inconvenient, and the truth is that no one was holding a gun to Andrews' head when he took out a massive "liar's loan" to buy a house he couldn't afford for himself and wife number 2 in 2004.

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. Generally, 50+ year-old women with no recent work experience are lucky to get jobs in convenience stores, much less a job earning that much. Andrews takes himself to task for having "unreasonable expectations" about his wife's ability to get a job (or, apparently, keep one) but she must have been agreeing to his requests or feeding into it in some way. It was very obvious, to me, that Andrews was no different than any other older man in the throes of a midlife crisis looking to recapture his youth by bonking someone who isn't his wife. The only thing that didn't surprise me is that the woman wasn't 20-30 years younger than him, as that's how it usually goes. Patty comes across as both weak and a bit of a hysteric through the whole thing, not to mention more than a little wifty.

That leads me to my next point. Two people bringing home $6,000 a month (take-home, not gross, as he states) should be able to live relatively comfortably - I don't care who you are, or where you live. That is a very respectable amount of money. However, when you do something incredibly boneheaded - like buy an overpriced house you can't afford, with a mortgage you don't understand and also can't pay for, no matter how much money you make, you're going to end up in difficulties. Added to those difficulties was the minor issue that the family just couldn't stop spending. My husband was laid off this year, and when he lost his job, we locked down our spending - no more cable, we downgraded our cell phone plans, we stopped shopping unless it was for food. In the face of unbelievable financial shortfalls, the Andrews' didn't change their standard of living one iota. Buying new clothes at J. Crew. A thousand dollars (A THOUSAND DOLLARS - I guess they've never heard of coupons or sales) on groceries every month. Keeping the phone/cable/internet (tip: if you have a cell phone, you don't need a home landline phone). Hysteria McDrama (his second wife) can't keep a job, yet keeps spending like there's no tomorrow. He bemoans not being able to fix his house or furniture and yet they're still going out to eat. This is when you wish you could tie someone to the railroad tracks to ensure they will be hit by the clue train. When you don't have any money, you have to live like you don't have any money. Not like things are still great. They didn't, and that's how they ran up their credit cards.

And then there's that whole issue. Andrews says at one point he threatens Patty with taking away the cards, and I am amazed he didn't. The controversy over Patty's bankruptcies is well-documented elsewhere, and I have to believe Andrews knew she had racked up FIFTY THOUSAND DOLLARS of credit card debt in her previous marriage, that had to be discharged via bankruptcy. Again, this is "little head" thinking. I'm frankly amazed they didn't end up worse off than they did.

Back in 2006, when the real estate market in our area was hot, we toyed with the idea of selling our house (in which we had about $130,000 in equity due to the inflated housing market) and buying a new one. We found a great house that was just slightly out of our price range, but we really loved it and could totally see making a home there. We had quite a bit of cash we could put towards the sale, in additon to the equity we could put in once our house sold. Our realtor had us contact a mortgage broker he knew, who came up with all kinds of crazy ways we could pay for the house, including a scheme where we could pay NOTHING down and finance 100 percent of the price of the house and still only have a $1200 a month mortgage payment. When we told him we were only interested in one type of mortgage - a traditional, documented 15 or 30-year fixed - the options got more limited and we quickly realized we would end up with a payment we could afford, but not comfortably. I didn't want to spend nights lying awake worrying about how we would pay the mortgage if my husband lost his job, so we walked away from the deal. It was a great house in a great area. It's worth close to $125,000 less than what the sellers were asking in 2006. We dodged a major bullet on that one.

And that's really the takeaway from this book. Yes, there were predatory lending practices. Yes, there was a huge amount of deception and irresponsibility in the mortgage industry, and the financial industry in general. It shouldn't have been allowed to happen, and it shouldn't be allowed to happen again. But no one was forcing people to buy more house than they could afford. No one was forcing people to take out "liar's loans," or mortgages without a down payment, or ARM mortgages where the interest rate would leap to 11 percent in 3 years. Andrews could have had his wonderful "new beginning" with his new wife in an affordable apartment, but I imagine that wasn't as romantic or even acceptable to Mrs. Princess (who I would bet money was goading Andrews into a lot of this, including buying the house and running up the credit cards). The Andrews emphasized superficial trappings of success over happiness, which is certainly a mistake a lot of people make. They could have rented an apartment, kept Mrs. Princess at home where she obviously wanted to be, and been a lot happier and more stable (well, until she maxed out the credit cards at Saks, but that's a different issue). If Andrews is a "typical American" who got taken by scheming bankers, we're all in trouble, because that means the typical American doesn't have the intelligence or common sense to get out of the path of an oncoming speeding semi that's about to make them into road pizza. If Andrews hadn't been letting his johnson make the decisions, he would have been able to see all this coming ten miles away. Anyone with half a brain would look at woman who had already filed for bankruptcy once, hadn't worked in 20 years, and hadn't protested making an incredibly dumb decision like buying an unaffordable house, and think to themselves, "here comes trouble."

I'm curious to know if Andrews and his second wife are still married or if she's ditched him and moved on to a prospect more likely to keep her in Saks clothes and expensive houses. If that hasn't happened yet - brace yourself, Andrews, because it's probably coming. Andrews got taken, but not by the mortgage industry. He got taken by his wife, and there's really no excuse for a man of his intelligence and background not knowing better.
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52 of 57 people found the following review helpful
1.0 out of 5 stars Never mind the wife, June 5, 2009
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This review is from: Busted: Life Inside the Great Mortgage Meltdown (Hardcover)
The most basic rule to know when purchasing real estate is that you can afford a house that costs about three times your gross salary. I would certainly expect someone with "lots of financial savvy" to be aware of this old chestnut, one which so many people have disregarded over the last decade, ultimately resulting in our current disaster. He admitted in his NYT article that his effective gross pay after alimony was about $40,000 a year. He then takes out a mortgage on a $460,000 house? *Eleven* times income! That was all sorts of stupid, the root of it really, and he says nothing about it other than that a mortgage broker was willing to abet the act. The spendthrift wife is really just frosting on the stupid house purchase cake, resulting in a book full of "OMG! I can't pay my bills!" Wise up, NYT - your readers deserve better than a clueless moron who can write well.
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21 of 22 people found the following review helpful
1.0 out of 5 stars We all know losers like Edmund, who knew one would write a book?, December 10, 2010
This review is from: Busted: Life Inside the Great Mortgage Meltdown (Hardcover)
Terrible book, don't buy this! What a waste of paper. What a drivelling piece of self pity this turned out to be. I thought I would get some insight into the mortgage crisis, then I have to listen to this guy cry about all his bad financial decisions. Waaaa- I cheated on my wife and then she divorced me and I had to pay her alimony. Waaa- I wanted to buy a $500,000 house in suburbia I couldn't afford and they gave me a loan for it. Waaa- I didn't know what the loan meant. Dude, you are a New York Times economic reporter- read the loan docs! Waaa- I racked up 50 grrrr in credit card bills including 2grand in Christmas presents and a vacation trip. If you are 50 large in high interest debt don't pay for everyone's vacation! P.S. he was making $130,000 and his wife was making $60,000. Give me a break. I guess I did gain insight on one thing- why the Newspaper industry is dying with people like this writing the financial stories. No wonder no one reads newspapers anymore. Hey, we all have a friend like Edmund- late on mortgage payments, wrecked the car and stupidly cancelled insurance, short on money. Sure, we all have a loser friend like that. We just never thought one of them would write a book about it!
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46 of 54 people found the following review helpful
1.0 out of 5 stars Whining goes down badly, May 26, 2009
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This review is from: Busted: Life Inside the Great Mortgage Meltdown (Hardcover)
Many people have been misled into making bad choices, or did not have the preparation they would have needed to fare well re mortages, and that's a tragic aspect of this current crisis. That's not the story here: this is a book by a whiner, blaming others.
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22 of 24 people found the following review helpful
1.0 out of 5 stars I'm ashamed that I read this, July 15, 2009
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Verified Purchase(What's this?)
This review is from: Busted: Life Inside the Great Mortgage Meltdown (Hardcover)
I picked up Andrews' book on the assumption that a NY Times financial reporter would elucidate the details of the mortgage crisis in terms I would understand. Instead, I was duped into reading a shameless display of chutzpah and magical thinking by a person the NY Times should quickly fire. I am not a financial writer but rather someone with a finely cultivated math phobia. However, even I can understand that a mortgage loan must be predicated upon a present (not future) ability of the debtor to repay it. Why Mr. Andrews ever, for even an instant, thought he could afford a mortgage on a $460,000 house with a net income of $2770 is beyond me. Even if he took home his entire $120,000 salary, he should not have a mortgage obligation of more than $300,000 at most. His additional financial obligations, an un- or under-employed spouse, high alimony and child support payments, and a strong disinclination to predict obvious consequences, would have made any reasonable person conclude that his only appropriate domicile should be a rented one.

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. Andrews' book but rather with a supposedly intelligent person blithely revealing that he and his spouse broke up two 20-plus years' marriages with children solely because their brains had migrated to their loins -- and expecting us to feel any sympathy for him.
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21 of 23 people found the following review helpful
4.0 out of 5 stars A Testament to Immaturity, April 4, 2010
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This is a book that needs to be read, even though it will make you lose your faith in humanity for a long time to come. Andrews analyzes in great detail how the lending institutions gradually became more and more driven by the desire for instant profit without stopping to think for a second what will happen long term. The author also brings to light the incredible, mind-boggling stupidity of Greenspan, Bernanke, and Co. He demonstrates how corrupt and dishonest the Bush Jr. administration was.

None of this, however, is very new. At least not to me. From the moment I moved from Quebec to the US, it became obvious to me that the housing prices in this country were ridiculously over-inflated. I saw my friends and colleagues pay really insane, seven-figure prices for poky little apartments in Manhattan or run-down bungalows in Connecticut and immediately realized that this was the game I would never agree to pay. Mortgaging away your life for the next 30 years in hopes that the bubble will get even bigger and the price of your house would magically grow seemed like a genuinely stupid proposition even for someone like me, who at 27 was woefully ignorant about economy. Today, when I understand the workings of this country's economy and politics a lot better, I am even more reluctant to participate in this insanity.

What really bothered me in Busted: Life Inside the Great Mortgage Meltdown was not the story of the housing bubble. It was the story of a nearly fantastic immaturity. Immaturity on both sides, the lenders' and the borrowers'. Those who handed out completely unsecured loans to people incapable of ever paying them off and those who accepted loans they could never even imagine paying off. Andrews was one of those who accepted. And accepted. And accepted some more.

The immaturity and total intellectual impotence of this man - who, once again, writes for the economics section of The New York Times - is mind-boggling. He decides to take out a loan to buy a half-million dollar house. As a result, he knows that his entire paycheck will go towards his alimony payments and the mortgage with not a dime left over for the bills. Of course, he hopes that his new wife will make enough money to cover all of their living expenses. Nothing would be all that wrong about this picture, if it weren't for one tiny detail. His new wife has been a house-wife who hasn't worked a day in the past 20 years. Besides, she is accustomed by her former husband to living the life of luxury. She didn't even do any work around the house because her first husband paid for a housekeeper. On top of that, Andrews gets this woman to move to a completely different part of the country. Then, he expects her to find a well-paying job - with no skills, no connections, no experience of being an employee - and start paying all the bills: "We had both assumed she could earn enough for us to get by. We didn't have any idea how she would do it; we were both simply sure that she could do it." It is incredible to encounter such profound intellectual impotence from any one over the age of 12.

This is not the weirdest thing about Andrews's relationship with Patty, the woman who eventually became his second wife. He left his first wife and proposed to Patty before Patty and he had ANY kind of a relationship. They hadn't even as much as kissed, let alone had sex or lived together. And these are not some horny teenagers. These are people who are almost 50 at the time. During marriage counselling, Andrews and Patty discover that they do not see eye to eye on 90% of issues discussed. This, however, does not suggest to them that it might make sense to postpone the wedding until they actually get to know something about each other.

Andrews's path to penury begins when he takes out a sub-prime mortgage on his new house. Over the next few years he gets so far into debt that you couldn't dig him out of it with an excavator, just to keep the stupid super expensive house. And you know why? In his own words, "Even though it was all about buying a house in the suburbs, it felt vaguely exciting, edgy, and a little gangsta." When a balding, paunchy, white gentleman in his late forties is motivated to take out an impossible loan because he wants to feel "gangsta", of all the stupid things, you know that something is seriously wrong here. And this is supposed to be a well-educated upper-middle-class individual, who works as a journalist, for Pete's sake!

In order to climb out of the financial hole he has dug for himself, Andrews tries every crazy borrowing practice out there. He runs up a staggering credit card debt, empties his pension account, and even hits up for money his elderly mother. There is just one thing he doesn't do: try to cut down the costs. Andrews goes through his wedding to his second wife in throes of a panic attack over mounting bills and huge debt. After that, he proceeds to pay the caterers that were hired for the wedding. Of course, the idea that people who can't pay the electricity bill might be able to do without a catered wedding never crosses his mind.

For a while, Andrews's family income rises to $200,000 per year. I don't know about you, people, but for me this is a staggering amount of money. One could live like a king on half that amount. Still, Andrews cannot make ends meet. Even though the debt is growing and his interest rates become sky-high, he keeps spending on things that cannot possily be considered necessary expenses: cable telivision, HBO, beach house, Ipods, expensive clothes, the list is endless.

Andrews criticizes the irresponsible lenders virulently. He never stops to think, though, that those who criminally handed out unsecured loans were motivated by the same basic immaturity that got him into so much trouble: have fun now and assume that things will somehow work out in the end. These people, who are so immature that it makes my hair stand on end in horror, are the ones that got us into this mess. They mortgaged away our future, and their children's and grand-children's future because they wanted that Ipod, that house, that vacation right now and didn't want to pay for them. Now, we will all have to pay for their lack of responsibility and their inhuman immaturity for decades to come.
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15 of 16 people found the following review helpful
1.0 out of 5 stars Transparent Fiction. Don't wast your money., May 17, 2010
By 
This review is from: Busted: Life Inside the Great Mortgage Meltdown (Hardcover)
I made it through about half of the book, before I really couldn't take anymore. The author clearly has a "not-my-fault" attitude about everything that happened in his upside-down life. I stopped counting his laying of blame on the Bush Administration after about the hundreth time metioned in the book. Apparently, he includes Senator Chris Dodd (Democrate, and head of the Senate Banking Committe) and Anthony Mazula (Head of Countrywide and CA Democratic Fund Raising Committee) as part of the Bush Administration.

In addition to displaying a transparent political bias, he clearly does not understand some of the basics of mortgage banking. His explanation of Mortgage Backed Securitites sounds like he looked it up on Google and took some internet posting as his defining basis. If he had any idea of how MBSs worked, he would have discussed the pass-through characteristics of the security instrument, and how lenders/servicers do have skin in the game based upon the pass-through responsibility, buy-back requirements, and MI claim denials.

I rented this book from the library. Thank God I didn't waste my money on it. When I return it, I will strongly suggest they move it from the Business Section to the Fiction or Fantasy Section.

If you want a real explanation, deviod of the political hatchet job, of what caused the mortgage market melt down, I suggest you consider "Confessions of a Subprime Lender" by Richard Bitner.
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20 of 23 people found the following review helpful
1.0 out of 5 stars A Million Little Lies and Omissions, June 22, 2009
This review is from: Busted: Life Inside the Great Mortgage Meltdown (Hardcover)
You do readers a grave disservice by not mentioning the fact that while the book purports to tell the truth, he neglects to mention that at the same time he was getting a book contract his wife was filing for bankruptcy to avoid repaying a $29k loan from her sister and $26k in assorted other debt (credit cards, library fines, doctor (cosmetic) bills, and lawyer fees).

The lawyer fees were either from her first divorce, her first bankruptcy, fighting (and losing) a case brought by her sister to attempt to get her to repay the funds.

I know Andrews' claims those bills were from living as a single mother without child support, but that is bull----. Andrews and Barreiro were both still in their first marriages when they reunited and decided that they needed to be together. Blech.

These are two people who lack values and morals.

If you even think about buying this book, I would urge you to read the New York Times magazine except from a few weeks back, it will leave you angry, I am nearly certain.

Then, google Mr. Andrews' name and read Megan McArdle's posts on The Atlantic's website. Next google Ms. Barreiro's name and you will find both bankruptcy filings posted on the Scribd website.

These people ought to be ashamed of themselves and yet they keep putting themselves out there in public with lie after lie after lie after distortion.

Save your money, you'll be lucky to get through the four page NYT excerpt without wanting to slap them both silly.

When I first read the abstract of the NYTM article I thought it sounded interesting but by the time I made it all the way through the book excerpt I simply wanted to slap them into adulthood, I don't think I've ever read a less mature and entitled article...ever. They asked for and received a horrible loan on what they claim to be onerous terms (around 7%) (I guess neither one tried to get a mortgage in the 1980's when mortgage rates averaged, on the low end 10%, and on the high end 19%).

I read many online sites and blogs and I am sometimes really appalled by the way younger people villify "boomers" but I can honestly say after reading the book excerpt that I can understand younger people's outrage. All I can ask is that the younger generations don't look at us older folks as being all the same, we're not. I've never ever embarked on this kind of foolishness and I don't think any of my friends have either, I just can't explain where these abberations from sanity come from.
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10 of 10 people found the following review helpful
2.0 out of 5 stars What a waste!, February 20, 2011
This review is from: Busted: Life Inside the Great Mortgage Meltdown (Hardcover)
Edmund Andrews has written an interesting book about the mortgage crisis and how it affected him personally. He has been a writer for the New York Times for many years and knows how to put together a story. However, even though he has been writing on financial matters for decades, he apparently has never thought to apply what he might have learned from all that reporting to himself! He spends quite a bit of time blaming the Bush Administration and everyone in government for the mortgage mess, but I would take that finger pointing a lot more seriously if he ever at any time took some of the responsibility for what happened to him! No, it is always someone else's fault - his ex-wife's, his new wife's, George Bush, Alan Greenspan, etc. The list goes on and on!

From what he has written, I get the feeling that he and I are about the same age. We live in the Maryland suburbs. Probably our kids are about the same age. My annual salary, even now, is less than his, and somehow I have managed not to get foreclosed on. Prudent behavior and looking at a few personal financial websites has helped. He needs to learn.
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Busted: Life Inside the Great Mortgage Meltdown
Busted: Life Inside the Great Mortgage Meltdown by Edmund L. Andrews (Hardcover - May 22, 2009)
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