Busted: Life Inside the Great Mortgage Meltdown

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Overview

Veteran New York Times economics reporter Edmund L. Andrews was intimately aware of the dangers posed by easy mortgages from fast-buck lenders. But, eager to buy a home and start a new life, he gave in to temptation and began a surreal adventure into the mortgage mayhem that nearly wrecked our economy.

Busted weaves together the author's own ride to the edge of bankruptcy with the tragicomic stories of his lenders, the Wall Street pros behind them, and the policymakers in ...

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Busted: Life Inside the Great Mortgage Meltdown

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Overview

Veteran New York Times economics reporter Edmund L. Andrews was intimately aware of the dangers posed by easy mortgages from fast-buck lenders. But, eager to buy a home and start a new life, he gave in to temptation and began a surreal adventure into the mortgage mayhem that nearly wrecked our economy.

Busted weaves together the author's own ride to the edge of bankruptcy with the tragicomic stories of his lenders, the Wall Street pros behind them, and the policymakers in Washington who were oblivious until it was too late. The story takes Andrews to the offices of Alan Greenspan, the mansions of subprime-mortgage millionaires in southern California, a despondent deal makers' convention in Las Vegas, and Wall Street. Rich with on-the-ground reporting, Busted is a darkly humorous exploration of the cynicism and self-destructive judgment that led to America's biggest economic calamity in generations.

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  • Edmund L. Andrews
    Edmund L. Andrews  

Editorial Reviews

From the Publisher
"Dick Hill gives a rousing performance.... With Hill in command, this analysis of the financial meltdown makes for absorbing—-and surprisingly entertaining—-listening." —-Publishers Weekly Starred Audio Review
Publishers Weekly
Andrews, a New York Times business journalist, recounts how—despite knowing better—he became enmeshed in the mortgage crisis. He reports on his various banking blunders and shifts out of his personal story to examine the causes of the crash and make prognoses. Dick Hill gives a rousing performance; he presents the material in a straightforward journalistic tone without sounding too manufactured or monotonous. With Hill in command, this analysis of the financial meltdown makes for absorbing—and surprisingly entertaining—listening. A Norton hardcover (Reviews, Apr. 27). (Aug.)
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Product Details

  • ISBN-13: 9781400143320
  • Publisher: Tantor Media, Inc.
  • Publication date: 7/1/2009
  • Format: CD
  • Edition description: Library - Unabridged CD
  • Product dimensions: 6.80 (w) x 6.50 (h) x 1.00 (d)

Meet the Author


Edmund L. Andrews has been a reporter for the New York Times for sixteen years.

Reader of over four hundred audiobooks, Dick Hill has won three coveted Audie Awards and been nominated numerous times. He is also the recipient of several AudioFile Earphones Awards. AudioFile includes Dick on their prestigious list of Golden Voices.

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Customer Reviews

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Sort by: Showing all of 10 Customer Reviews
  • Anonymous

    Posted August 26, 2009

    Sub-prime

    This book is a personal bailout in the guise of a memoir of a family's finances.

    In a nutshell: middle aged guy ditches wife and three kids for a woman who ditches her husband and four kids to be with him. Convinced that theirs is a love that shines brighter than the world has ever seen, he buys a house he knows he can ill afford because, well, they just want it. He doesn't have the money, and his new wife doesn't want to work, but he deserves it, you see. And, as an economics reporter for The New York Times, he knows exactly how to game the system. Until the system collapses.

    Edmund Andrews either doesn't have the skill or self-awareness to render himself or his wife in a sympathetic way. He is clearly besotted with her, although, hard as he tries to convince us of it (by telling us over and over again how sexy she is, how much he admires her high fashion sense and her love of fine food), it is exceedingly difficult to understand what he sees in her, or she in him. They both come across in his telling as nasty, self-involved, entitled people.

    As for the rest of it - the housing crisis, predatory lending, etc. - it's in there, and what there is, is okay. But you can pretty much get that information anywhere.

    There's a bit more to the story that the author isn't telling that some readers think is material to the story. But you'll have to go elsewhere to find out.

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  • Anonymous

    Posted July 7, 2009

    Not sure about this book...

    I got about half the way through and realized, the common thread seems to blame Bush and Greenspan. We all know there is plenty of blame, mainly on the left of the aisle for these shady loans. This, from a guy who should have know what he was doing and did not even know to get a home inspection. Kinda of hard to feel sorry for him especially when he has not taken full responsibilty for his actions.

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  • Posted June 29, 2009

    Busted...Twice

    Andrews writes a great tale of woe while explaining the financial shenanigans Wall Street created to lure the greedy, needy and in Andrews's case, love struck. It's hard to imagine a sophisticated NY Times financial reporter becoming burdened with a $500,000 mortgage while struggling through a divorce on a reduced take home income of less than $3,000 per month. Andrews is twice busted. First by engaging in a dangerous bet on ever increasing real estate values, and second, by being blinded by love for a twice bankrupt beautiful, but dysfunctional woman. Two hits to the chops that even this book deal won't fix.

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  • Anonymous

    Posted May 26, 2009

    Courageous and charming. It's a great read and well researched.

    I found this book fascinating and brave. Andrews explains how this all happened with clarity. Great book!

    0 out of 2 people found this review helpful.

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  • Anonymous

    Posted May 27, 2009

    No text was provided for this review.

  • Anonymous

    Posted June 18, 2009

    No text was provided for this review.

  • Anonymous

    Posted July 1, 2009

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  • Anonymous

    Posted May 17, 2009

    No text was provided for this review.

  • Anonymous

    Posted July 28, 2009

    No text was provided for this review.

  • Anonymous

    Posted June 27, 2009

    No text was provided for this review.

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