Edmund L. Andrews, the top economic reporter for "America's paper" faced foreclosure from buying too much house. Gracious! I enjoyed reading his magazine article for the New York Times about the emotional decision making that made him want to buy a half-million dollar home despite having less than $3,000 per month of income after paying child support.
He's laden with bills. However, he has a book deal now from his experience. Perhap's he'll be all right, after all?
Do you feel bad for Mr. Andrews? Do you sympathize? What do you think about people who are facing foreclosure from taking shady loans? Does love make smart people make bad decisions?
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Do I feel bad for people who don’t tell themselves No? No! I don’t feel bad for Mr. Andrews, the guy who buys a Ferrari and could only afford a Honda or the guy with credit card debt. The scale doesn’t matter, refusal or inability to deny yourself doesn’t merit sympathy in my world. But then, I’m an ant by nature and training, not the proverbial grasshopper. “Smart” people make bad decisions every day, some are just more expensive than others. “Smart” people will buy Mr. Andrews’ book and some will never read it after buying it. Go figure.
Well one would think that he is the guy who wouldn’t get into this type of mess. However it just goes to show that we can all faly prey to the trappings of pretty homes and increased loans….
PJD
In other words, looking at the sour economic picture, the other shoe has yet to drop…
People were so hyped up on housing a few years ago, that it probably seemed like an rational decision at the time.
Several ‘experts’ told me that I didn’t need $$$ or a strong income to buy, just a little credit.
Indeed, human nature, liar loans and defaults…