Of all the people foreclosing their homes..

NEW -> Contingent Buyer Assistance Program
Cubic Zirconia said:
Is the economics reporter for the times. But he is still selling his story as a book, and probably making a lot of money anyway..

http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html
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I just finished reading that article, and I have to say... that is great piece of work from a borrower who gets what he got himself into. He doesn't blame the agent, he doesn't blame Bob the loan officer, he blames himself. There are plenty of other people out there just like him.

BTW, I doubt he will make much on his book. He is releasing a book based on a topic that is now flooding the market. I personally don't have the time to read all the books on the debacle that are coming out. I have to pick and choose. I might choose this one though. Even if he makes some money from it, it is most likely already too late, if you look at the time line... he has more than likely already lost his home. Which, I would imagine is detailed in his book.
 
freedomCM said:
I read the huge comment thread on CR last night. Much better than the article itself.

The guy is a tool.
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Just that one guy?

Senor, I'm not justifiying that guy - not one bit - but everyone was doing it.........

Anyone who legitimately thinks these green shoots are going to create a V shaped economy is doing Rick James' quantities of crack.
 
well, that one guy let his little head rule his bigger one, and he knew better.

I like to delude myself that a NYT writer isn't among the 95% sheep class. clearly I was wrong on this score.
 
I used to think people were smart untill proven otherwise.

My new base case assumption is everyone I meet is a moron untill proven otherwise. Call me a crumudgen, but that's my experence.
 
no_vaseline said:
I used to think people were smart untill proven otherwise.

My new base case assumption is everyone I meet is a moron untill proven otherwise. Call me a crumudgen, but that's my experence.
Click to expand...

So, it is your "experence" that everyone is a moron?
 
awgee said:
no_vaseline said:
I used to think people were smart untill proven otherwise.

My new base case assumption is everyone I meet is a moron untill proven otherwise. Call me a crumudgen, but that's my experence.
Click to expand...

So, it is your "experence" that everyone is a moron?
Click to expand...

No - everyone is certainly not a moron. Since I consider myself "average", half the people I meet will be dumber, half will be smarter. I just assume everyone is a moron untill I have reason to believe otherwise.

I came to this conclusion when I was suplementing my income playing poker. Once I made this adjustment, my winrate roughly tripled for my trouble because I was giving opponents way too much credit, and in the face of evidence to the contrary, they never gave me enough.

YMMV.
 
no_vaseline said:
awgee said:
no_vaseline said:
I used to think people were smart untill proven otherwise.

My new base case assumption is everyone I meet is a moron untill proven otherwise. Call me a crumudgen, but that's my experence.
Click to expand...

So, it is your "experence" that everyone is a moron?
Click to expand...

No - everyone is certainly not a moron. Since I consider myself "average", half the people I meet will be dumber, half will be smarter. I just assume everyone is a moron untill I have reason to believe otherwise.

I came to this conclusion when I was suplementing my income playing poker. Once I made this adjustment, my winrate roughly tripled for my trouble because I was giving opponents way too much credit, and in the face of evidence to the contrary, they never gave me enough.

YMMV.
Click to expand...

Doggone. I was trying to be funny, but ...

If you will notice, I included your spelling, "experence", of the word experience in my questioning of you finding others to be morons.

In other words, you were spelling incorrectly in the same sentence you were calling others morons.

Ok, maybe not so funny.
 
awgee said:
no_vaseline said:
awgee said:
no_vaseline said:
I used to think people were smart untill proven otherwise.

My new base case assumption is everyone I meet is a moron untill proven otherwise. Call me a crumudgen, but that's my experence.
Click to expand...

So, it is your "experence" that everyone is a moron?
Click to expand...

No - everyone is certainly not a moron. Since I consider myself "average", half the people I meet will be dumber, half will be smarter. I just assume everyone is a moron untill I have reason to believe otherwise.

I came to this conclusion when I was suplementing my income playing poker. Once I made this adjustment, my winrate roughly tripled for my trouble because I was giving opponents way too much credit, and in the face of evidence to the contrary, they never gave me enough.

YMMV.
Click to expand...

Doggone. I was trying to be funny, but ...

If you will notice, I included your spelling, "experence", of the word experience in my questioning of you finding others to be morons.

In other words, you were spelling incorrectly in the same sentence you were calling others morons.

Ok, maybe not so funny.
Click to expand...

Look, I'm from Bakersfield. Growing up, I thought the correct spelling was ‘sperience. We’re making progress here!
 
This article was posted several times throughout IHB's threads. So... I find it a little ironic that it turns out his wife is a serial BK'er. She filed bk when her and her husband had a low six figure income in 98, and filed again while she was married to Andrews a mere four months after the BK SOL had passed. Felix Salmon (formerly of Portfolio.com/magazine because it is now dead) has been following the story pretty closely.

Makes you think he should have done the free credit report thing before he really knew what he got into. Once you are subprime, you are always subprime, and now we are all subprime.

(embedded video no longer available)
 
I watched him on CNBC's "On The Money" last week. He hung his chin out there and took "100% responsiblity" for his situation. He had already written on the exact products he was about to take, thier pitfalls, and admitted he took the shot anyway.

They say love makes you do stupid things. I though it was cocaine but whatever.
 
Interesting comentary on this situation

What Not to Do When You Buy a Home

In a 'New York Times' story headlined “My Personal Credit Crisis”, economics reporter Edmund Andrews, 48, lays bare his finances and admits to a headlong dive into the subprime debacle. In the piece, excerpted from a forthcoming book, he describes buying a home he couldn’t afford with his second wife, Patty, falling ever deeper in debt, and cashing out his equity to finance a lifestyle that cost $3,000 a month more than they were earning. It ends with Andrews defaulting on the mortgage and, eight months later, still waiting for the bank to begin foreclosure proceedings.

Andrews’ story is riddled with classic personal-finance errors thought to be the province of the uneducated, underemployed, and ill-fated. Andrews was none of these; he earned $120,000 a year and didn’t suffer a disability or job loss. He explains his folly this way: "The money was there, and I was in love…I just thought I could beat the odds." But -- at least in hindsight -- the colossal improbability of beating the odds leaps off the written page. This is magical thinking at its finest, from a guy whose job is to write about the facts all day long. Multiplied by tens of millions of homeowners, it brought the U.S. economy to its knees.
 
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