In yesterday's New York Times magazine, Edmund L. Andrews, the paper's economics reporter chronicles his own economic crisis.
In a nutshell, he took a mortgage way beyond his means. Before you assume anything, most of his income go towards alimony/child support leaving little for rent and his new wife makes very little income to have warranted the mortgage he was given.
It goes to show you that no matter your income or social status, no one is immune to the go go mortgage era.
1 comments:
no sympathy for the greedy. and maybe the stupid. i mean really, neither he nor his wife figured out it was too much house and too much mortgage.
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