NYT Magazine personal account of foreclosure crisis

May 16, 2009 at 9:35 am | Posted in neighborhoods | Leave a comment

Edmund Andrews, an economics reporter for the New York Times, is facing foreclosure, after a series of bad decisions regarding the purchase of his house in DC. A first-person account in the NYT Magazine reveals how the organizational incentives of his mortgage broker generated options that seemed too good to pass up. If a well-paid, well-informed expert whose job it was to follow the actions of the Federal Reserve for the nation’s newspaper of record could hit rock bottom, how should we expect low-income neighborhoods to fare? See this report.

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