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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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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 Update2021-01-22 20:02:01PM
Last Indexed2021-01-23 00:51:54AM
Novelist Primary ISBNnone

Solr Details

accelerated_reader_point_value0
accelerated_reader_reading_level0
auth_author2Hill, Dick.
authorAndrews, Edmund L.
author2-roleHill, Dick.
Hill, Dick.|Narrator
Tantor Media.
hoopla digital.
author_displayAndrews, Edmund L
available_at_bemisBemis Public Library
detailed_location_bemisBemis Lower Level
display_descriptionThe 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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format_category_bemisAudio Books
Books
eBook
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itype_bemisJuvenile Biography
last_indexed2021-01-23T07:51:54.533Z
lexile_score-1
literary_formNon Fiction
literary_form_fullNon Fiction
local_callnumber_bemis332.72 ANDREWS
owning_library_bemisBemis Public Library
owning_location_bemisBemis Public Library
primary_isbn9780393067941
publishDate2009
2015
record_details
Bib IdFormatFormat CategoryEditionLanguagePublisherPublication DatePhysical DescriptionAbridged
ils:.b28797541BookBooks1st ed.EnglishW. W. Norton, [2009]xv, 220 pages ; 25 cm.
rbdigitalaudiomontrose:rbdZ100088073eAudiobookAudio BooksUnabridged.EnglishTantor Media ;2015, p2009.1 online resource.
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hoopla:MWT10755488eAudiobookAudio BooksUnabridged.EnglishTantor Audio, 2009.1 online resource (1 audio file (480 min.)) : digital.
overdrivecmc:ODN0002307351eBookeBookEnglish2009.1 online resource
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Bib IdItem IdGrouped StatusStatusLocally OwnedAvailableHoldableBookableIn Library Use OnlyLibrary OwnedHoldable PTypesBookable PTypesLocal Url
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subject_facetAudiobooks
BUSINESS & ECONOMICS / General
Business
Downloadable audio books
Electronic books
Housing -- Prices -- United States
Housing -- United States -- Finance
Mortgages -- United States
Nonfiction
Subprime mortgage loans -- United States
title_displayBusted : life inside the great mortgage meltdown
title_fullBusted : 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
Busted [electronic resource] : life inside the great mortgage meltdown / Edmund L. Andrews
title_shortBusted
title_subLife inside the great mortgage meltdown
topic_facetBUSINESS & ECONOMICS / General
Business
Finance
Housing
Mortgages
Nonfiction
Prices
Subprime mortgage loans