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Mortgage Madness Inspires Two New Books
Alyssa Katz
NYU journalism professor
AUTHOR Edmund L. Andrews
New York Times reporter
Macro: Katz traces the crisis's roots to the twin push for lower-income homeownership and securitized-mortgage deregulation. point of view Micro: Andrews explains the crisis using the story of the everyman — himself — and how he came to buy more house than he could afford.
Rueful surprise at how no one stopped a slow-motion train wreck. tone Swings between self-flagellation and gallows humor.
How much time do you have? villain Alan Greenspan
Homeownership makes the poor wealthier and boosts citizens and their communities. exploded myth Borrowers deserve equal blame along with the lenders and Wall Street.
Both Clinton and Bush II using home owners as props in campaign events, but those families ultimately didn't succeed as exemplars of ownership. Indelible scene Andrews making Greenspan squirm when he explains he'll likely lose his house because of the former Fed chair's inaction.
"Too much money is a far more destructive force than too little, when it's there to be made by plundering neighborhoods house by house." essence in a quote "Hmm. Bad history, no income, no documentation, and none of the borrower's money on the line. What could go wrong?"
Maybe our society can learn from this crisis. buy this book because... The writer might be homeless if you don't.

A version of this article appeared in the June 2009 issue of Fast Company magazine.