Andrews recounts his saga against the backdrop of the bad practices and predatory lending that helped lead us into a recession.
"My wife Patty and I may or may not hold on to our house," he writes. "We most certainly will have to spend years making up the losses from our adventure. But if there is one conclusion I have reached from our experience, it is that our misjudgments, however egregious they were, pale in comparison with the self-enriching recklessness of those at the top of the financial ladder."
I shook my head many times while reading "Busted," wondering how Andrews could be so financially foolish. But I didn't come away angry with him. I'm angry with the lenders who knew they were pushing bad mortgages. I'm angry that taxpayers are now bailing out banks while getting very little in return.
Read "Busted" for the insight. Rather than self-righteously scolding those who were unwise or duped into taking out mortgages they couldn't afford, we need to find solutions to prevent this from happening again. How about some affordable housing and rentals in this country? How about tougher banking regulations? The president and every member of Congress should read this book.
The great mortgage meltdown happened not just because borrowers like Andrews were reckless. The housing crisis was a two-person disaster on the dance floor. And leading the dance was an industry willing to lend money to just about anybody who was breathing.
Ignore the vicious comments on the Internet, because they're just a sideshow to what is a well-written case study on how Andrews and millions of others were persuaded they could handle what we now know were toxic mortgages. Despite its controversial launch, this book is recommended reading. It is worth peering into, as the subtitle says, "Life Inside the Great Mortgage Meltdown."
It is easy to be a member of our book club. We don't meet -- in person, that is. We do come together for a live online discussion. Join me at noon Eastern July 2 at www.washingtonpost.com. Andrews will be my guest. As a bonus, every month I randomly select readers to receive a copy of the selected book, donated by the publisher. For a chance to win a copy of "Busted," send an e-mail to colorofmoney(at)washpost.com. Please include your name and address.