My Personal Credit Crisis
By EDMUND L. ANDREWS
Published: May 14, 2009
If there was anybody who should have avoided the mortgage catastrophe, it was I. As an economics reporter for The New York Times, I have been the paper’s chief eyes and ears on the Federal Reserve for the past six years. I watched Alan Greenspan and his successor, Ben S. Bernanke, at close range. I wrote several early-warning articles in 2004 about the spike in go-go mortgages. Before that, I had a hand in covering the Asian financial crisis of 1997, the Russia meltdown in 1998 and the dot-com collapse in 2000. I know a lot about the curveballs that the economy can throw at us.
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. We all had our reasons. The brokers and dealmakers were scoring huge commissions. Ordinary homebuyers were stretching to get into first houses, or bigger houses, or better neighborhoods. Some were greedy, some were desperate and some were deceived.
As for me, I had two utterly compelling reasons for taking the plunge: the money was there, and I was in love.
You can read the rest of Mr. Andrew's story at http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html
It's an admirable example of courage and a service to those who will tread the same paths after him; he is writing
about his personal crisis and thus serves as a warning bell in our long, collective financial night.
Mr. Andrews is in the same boat as so many Americans today, who are losing or about to lose their homes to foreclosure. Go read the rest of the story. And then ask yourself,
"Am I so different that this couldn't happen to me?"
If you need assistance with a foreclosure or credit crisis, please call or email me. I can't help Mr. and Mrs. Andrews, but I might be able to help you (or a friend or loved one facing the same difficulties.) FBC
email@example.com; 918 582-6131