Busted: Life Inside the Great Mortgage Meltdown is an agonizing first hand account of journalist Edmond Andrews’ fall into pre foreclosure.
As he waits for the bank to react to the non-payment of his mortgage for the last few months, he has spent the time wisely writing this very good book.
He is quite honest and it is a very painful read.
Getting Inside the Head of a Distressed Homeowner
But if you want to get inside the head of a distressed homeowner to find out exactly how people like this think and tick, this is your book.
Still, there’s a lot of soul searching and old time gospel meeting confession in here.
“Going down front”, as we call it at my church, has been replaced with writing a probable New York Times best seller.
A Bad Arm
So what does he confess from his soul about the bad ARM on his Silver Spring, Maryland house?
“I have no one to blame but myself for my woes- but it is too easy to snarl in contempt at homeowners who got in over their heads in the housing bubble,” he says.
I think he’s right about that. We need to be caring, but still there’s a disconnect for me.
You may be like me, but I still don’t really get how reasonably intelligent homeowners got in over their heads in upside down mortgages. I don’t see how so many of them fell for ARM’s in the first place.
Andrews explains it like this… “the smart money enabling the dumb money to take huge risks.”