In the last decade in America, however, a hidden truth took shape: People were presented with what they thought they couldn’t afford, whereupon they, fully aided and abetted by novel “mortgage bankers” — and, it turns out, just about the entire supply chain of modern capitalism — gave in and started finding ways to finance it.
By Tom Vanderbilt, June 30, 2009 NYT Books
BUSTED:Life Inside the Great Mortgage Meltdown By Edmund L. Andrews, 220 pp. W. W. Norton & Company. $25.95
OUR LOT: How Real Estate Came to Own Us By Alyssa Katz, 278 pp. Bloomsbury. $26