Busted: life inside the great mortgage meltdown
(Book)
Author:
Published:
New York : W. W. Norton, [2009].
Physical Desc:
xv, 220 pages ; 25 cm
Status:
Bemis Lower Level
332.72 ANDREWS
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.
Copies
Location
Call Number
Status
Last Check-In
Bemis Lower Level
332.72 ANDREWS
On Shelf
Mar 18, 2019
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More Details
Format:
Book
Edition:
1st ed.
Language:
English
ISBN:
9780393067941, 0393067947
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Citations
APA Citation (style guide)
Andrews, E. L. (2009). Busted: life inside the great mortgage meltdown. New York, W. W. Norton.
Chicago / Turabian - Author Date Citation (style guide)Andrews, Edmund L. 2009. Busted: Life Inside the Great Mortgage Meltdown. New York, W. W. Norton.
Chicago / Turabian - Humanities Citation (style guide)Andrews, Edmund L, Busted: Life Inside the Great Mortgage Meltdown. New York, W. W. Norton, 2009.
MLA Citation (style guide)Andrews, Edmund L. Busted: Life Inside the Great Mortgage Meltdown. New York, W. W. Norton, 2009.
Note! Citation formats are based on standards as of July 2022. Citations contain only title, author, edition, publisher, and year published. Citations should be used as a guideline and should be double checked for accuracy.
Staff View
Grouped Work ID:
8754b77c-4ab1-60fc-8566-009d1a6e20d1
Record Information
Last Sierra Extract Time | Apr 24, 2024 05:29:57 AM |
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Last File Modification Time | Apr 24, 2024 05:30:16 AM |
Last Grouped Work Modification Time | Apr 24, 2024 05:30:06 AM |
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