Why Did a NYT Economics Reporter Take On $805,700 In Subprime Debt?

Posted on May 16, 2009. Filed under: Legislation, Mortgage Fraud, Mortgage Law, Predatory Lending | Tags: , , , , , , |

That’s the question that New York Times economics reporter Edmund L. Andrews tries to answer about himself in a new piece for the Times Magazine, which is being previewed on the website this week. And it must be some species of triumph that Andrews manages to make a story about refinancing a complicated mortgage a gripping read. Really!

And while I kept thinking he couldn’t have done a good job covering the mortgage crisis while being spanked by it, I read back through some of his old pieces and was surprised to find items like this:

For years, Ray and Shahrazad Daneshi sought to buy a home, only to be told that they did not earn enough to qualify for a mortgage. But they recently managed to buy a small house in the shadow of Disneyland for $360,000 — six times their annual income — thanks to a lender who allowed them to borrow the entire value of the home, with no down payment.

”We will not be going to any movies or eating out at restaurants,” said Mr. Daneshi, a self-employed wedding photographer who came here from Iran in 1988. ”But in two years, the house will be worth a lot more and we will have something to show for it.”

That’s from a 2004 piece — prescient — and we know how it ended.

via Why Did a NYT Economics Reporter Take On $805,700 In Subprime Debt? – The Atlantic Business Channel.

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