Book looks at life inside the great mortgage meltdown
Published: June 9, 2009
WASHINGTON It hadn't even hit the bookstores before this month's Color of Money Book Club selection, "Busted," set off a flurry of Internet conversations.
Sanctimonious critics have slammed this book in the blogosphere, where people can anonymously sling potshots they would never have the guts to say to someone's face.
"Busted" (W.W. Norton & Company, $25.95) by Edmund L. Andrews is the story of how a well-educated, highly paid economics reporter for The New York Times, whose beat includes covering the Federal Reserve, ended up with almost a half-million-dollar mortgage he and his wife couldn't afford.
Unfortunately, a rather regrettable omission mars this intriguing personal account. Andrews failed to mention that his wife, Patty, had filed for bankruptcy -- twice. She filed once to get out from under debt accumulated because of her failed first marriage and a second time to shed debt amassed while raising four children as a single mother with little, if any, child support.
"Had I to do it again, I would have included that material," Andrews said in a telephone interview. "I could have written a whole chapter about Patty's problems with her ex-husband and her problems with getting child support."
Andrews says he was trying to spare his wife further embarrassment. After all, he was already laying out all their financial foibles for the world to see and to second-guess and criticize.
Based on the comment sections of many blogs, Andrews was right about the criticism. The things people have written about him and his wife are just awful.
The book doesn't come off as a woe-is-me tale. Upfront, Andrews says he's wasn't duped. He admits to the bad decisions he and his wife made, starting with purchasing a home when she didn't have a job and he was handing over more than half of his monthly paycheck in child support and alimony.
Some might want the couple to take a cane to their own behinds for their behavior. Me, I was satisfied with his mea culpa. He recounts his saga against the backdrop of the bad practices and predatory lending that helped lead us into a recession.
"My wife Patty and I may or may not hold on to our house," he writes. "We most certainly will have to spend years making up the losses from our adventure. But if there is one conclusion I have reached from our experience, it is that our misjudgments, however egregious they were, pale in comparison with the self-enriching recklessness of those at the top of the financial ladder."
I shook my head many times while reading "Busted," wondering how Andrews could be so financially foolish. But I didn't come away angry with him. I'm angry with the lenders who knew they were pushing bad mortgages. I'm angry that taxpayers are now bailing out banks while getting very little in return.
Read "Busted" for the insight. We need to find solutions to prevent this from happening again. How about some affordable housing and rentals in this country? How about tougher banking regulations? The president and every member of Congress should read this book.
Michelle Singletary welcomes comments and column ideas but cannot offer specific personal financial advice. Readers can write to her c/o The Washington Post, 1150 15th St. NW, Washington, DC 20071, or e-mail her at
.
Advertisement
Post a Comment(Requires free registration)
- Please avoid offensive, vulgar, or hateful language.
- Respect others.
- Use the "Flag Comment" link when necessary.
- See the Terms and Conditions for details.
Advertisement