May182009
My Personal Credit Crisis »
A fantastic article by Edmund Andrews, an economics reporter for the NY Times, who details how he got caught up in the sub-prime meltdown by getting a mortgage that he and his wife couldn’t afford.
“If there was anybody who should have avoided the mortgage catastrophe, it was I…..But in 2004, I joined millions of otherwise-sane Americans in what we now know was a catastrophic binge on overpriced real estate and reckless mortgages. Nobody duped or hypnotized me. Like so many others — borrowers, lenders and the Wall Street dealmakers behind them — I just thought I could beat the odds.”
