||Traces a journalist's victimization at the sides of millions of Americans who were seduced by the promises of easy mortgages by fast-buck lenders, describing the loan offer that enabled his pursuit of a new home, his ride to the edge of bankruptcy, and his observations about questionable lenders, their Wall Street supporters, and Washington policymakers.
||Edmund L. Andrews's expose of the causes behind the devastating mortgage crisis of 2008-2009 and after, is a through and sobering account of the recklessness of prospective homebuyers and the irresponsible actions of bankers and lenders. The economics correspondent for the distinguished New York Times, Andrews gathers and presents a wealth of stories about ordinary Americans whose irrational and exuberant house lust, accompanied by a deep psychology of denial, helped put them and the nation in the current precarious state. Andrews's account is made more poignant when he reveals that he himself was one of those buyer/victims. Desiring a lovely--and pricey--house in Maryland for himself and his family, Andrews may have had eyes that were bigger than his journalist's wallet, and he may have been abetted in his venture by equally exuberant and "helpful" bankers and lenders who smoothed the way for him. Like so many others, Andrews paid the price for his boldness. An engaging read and cautionary tale, BUSTED apportions blame among homeowners, banks and mortgage companies, Wall Street, and Washington as it reveals the down-side of the American dream.