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Mortgage Meltdown affects many

May 21, 2009

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In the article, My Personal Credit Crisis, NY Times reporter, Edmund Andrews shares his descent into the mortgage abyss wherein he borrowed more than he could afford on a house that was over-valued by mortgage brokers who kept offering to “fix” his problems using the collateral in his homestead.

Sound familiar?

The loss of homes and crashing credit is affecting EVERYONE and even the smartest people, in fact, economist, fell for the whole scam. It was simply epidemic.

I have watched as the swine flu pandemic has created hysteria around our nation but nothing, and I mean nothing, will scare me as much as the unregulated lending practices of the past.

May they never return and may someone fix our system so we can get back to the business of selling homes to credit-worthy borrowers!

The entire article (if you want to read it) can be found at:

http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?pagewanted=1&ref=magazine

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2 comments

  1. I agree, lets get back to the business of selling! Thanks for the link to the NY Times article.


  2. Thanks Jeff. It’s a wake up call to the masses that even the most educated economist can fall for preditory lending practices.



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