Busted: life inside the great mortgage meltdown

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The fiasco that sank millions of Americans, including one journalist, who thought he knew better. A veteran New York Times economics reporter, Ed Andrews was intimately aware of the dangers posed by easy mortgages from fast-buck lenders. Yet, at the promise of a second chance at love, he succumbed to the temptation of subprime lending and became part of the economic catastrophe he was covering. In surprisingly short order, he amassed a staggering amount of debt and reached the edge of bankruptcy. In Busted, Andrew bluntly recounts his misadventures in mortgages and goes one step further to describe the brokers, lenders, Wall Street players, and Washington policymakers who helped bring that money to his door. The result is a penetrating and often acerbic look at the binge and bust that nearly bankrupted the United States. Enabled by know-nothing complacency in Washington, Wall Street wizards used "collateralized debt obligations," "conduits," and other inscrutable financial "innovations" to put American home financing into hyperdrive. Millions of Americans abandoned the safety of thirty-year, fixed-rate mortgages and loaded up on debt. While regulators insisted that the markets knew best, Wall Street firms fragmented and repackaged unsound loans into securities that the rating agencies stamped with triple-A seals of approval. Andrews describes a remarkably democratic debacle that made fools out of people up and down the financial food chain. From a confessional meeting with Alan Greenspan to a trek through the McMansion bubble of the OC, he maps the arc of the Frankenstein loans that brought the American economy to the brink. With on-the-ground reporting from the frothiest quarters of the crisis, Andrews locates what is likely to be the high-water mark in America's long-term embrace of higher borrowing, higher risk-taking, and the fervent belief in the possibility of easy profits.
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ISBN:
9780393067941
9780393071283
9781400193325
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Grouping Information

Grouped Work ID8754b77c-4ab1-60fc-8566-009d1a6e20d1
Grouping Titlebusted life inside the great mortgage meltdown
Grouping Authoredmund l andrews
Grouping Categorybook
Grouping LanguageEnglish (eng)
Last Grouping Update2024-02-24 19:57:37PM
Last Indexed2024-03-27 22:00:09PM

Solr Fields

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0
auth_author2
Hill, Dick
author
Andrews, Edmund L.
author2-role
Hill, Dick
Hill, Dick,reader
hoopla digital
author_display
Andrews, Edmund L.
available_at_bemis
Bemis Public Library
detailed_location_bemis
Bemis Lower Level
display_description
The fiasco that sank millions of Americans, including one journalist, who thought he knew better. A veteran New York Times economics reporter, Ed Andrews was intimately aware of the dangers posed by easy mortgages from fast-buck lenders. Yet, at the promise of a second chance at love, he succumbed to the temptation of subprime lending and became part of the economic catastrophe he was covering. In surprisingly short order, he amassed a staggering amount of debt and reached the edge of bankruptcy. In Busted, Andrew bluntly recounts his misadventures in mortgages and goes one step further to describe the brokers, lenders, Wall Street players, and Washington policymakers who helped bring that money to his door. The result is a penetrating and often acerbic look at the binge and bust that nearly bankrupted the United States. Enabled by know-nothing complacency in Washington, Wall Street wizards used "collateralized debt obligations," "conduits," and other inscrutable financial "innovations" to put American home financing into hyperdrive. Millions of Americans abandoned the safety of thirty-year, fixed-rate mortgages and loaded up on debt. While regulators insisted that the markets knew best, Wall Street firms fragmented and repackaged unsound loans into securities that the rating agencies stamped with triple-A seals of approval. Andrews describes a remarkably democratic debacle that made fools out of people up and down the financial food chain. From a confessional meeting with Alan Greenspan to a trek through the McMansion bubble of the OC, he maps the arc of the Frankenstein loans that brought the American economy to the brink. With on-the-ground reporting from the frothiest quarters of the crisis, Andrews locates what is likely to be the high-water mark in America's long-term embrace of higher borrowing, higher risk-taking, and the fervent belief in the possibility of easy profits.
format_bemis
Book
eAudiobook
format_category_bemis
Audio Books
Books
eBook
id
8754b77c-4ab1-60fc-8566-009d1a6e20d1
isbn
9780393067941
9780393071283
9781400193325
itype_bemis
Juvenile Biography
last_indexed
2024-03-28T04:00:09.001Z
lexile_score
-1
literary_form
Non Fiction
literary_form_full
Non Fiction
local_callnumber_bemis
332.72 ANDREWS
owning_library_bemis
Bemis Public Library
owning_location_bemis
Bemis Public Library
primary_isbn
9780393067941
publishDate
2009
2015
publisher
Tantor Audio
Tantor Media, Inc
W. W. Norton
recordtype
grouped_work
subject_facet
Business
Economic conditions
Economic history
Electronic books
Housing -- Prices -- United States
Housing -- United States -- Finance
Mortgages -- United States
Nonfiction
Subprime mortgage loans -- United States
title_display
Busted : life inside the great mortgage meltdown
title_full
Busted : life inside the great mortgage meltdown / Edmund L. Andrews
Busted : life inside the great mortgage meltdown [electronic resource] / Edmund L. Andrews
Busted [electronic resource] : Life inside the great mortgage meltdown. Edmund L Andrews
title_short
Busted
title_sub
life inside the great mortgage meltdown
topic_facet
Business
Economic conditions
Economic history
Finance
Housing
Mortgages
Nonfiction
Prices
Subprime mortgage loans

Solr Details Tables

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ils:.b28797541BookBooks1st edEnglishW. W. Norton[2009]xv, 220 pages ; 25 cm
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scoping_details_bemis

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ils:.b28797541.i123190435On ShelfOn Shelffalsetruetruefalsefalsetrue195, 5, 6, 7, 8, 9, 10, 170, 11, 171, 12, 13, 14, 15
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