Mortgage Trouble

Completely off-topic for a blog about security issues and international relations, but nevertheless an interesting and tragi-comic story about how a senior economics journalist (at the NYT no less) gets into trouble with his mortgage and watches his personal finances collapse.

Made even more poignant by the fact that he’s completely candid about the decisions and the circumstances that led to the trouble, even going into detail on the effect it had on his mental state and his marriage.  Having previously worked in the real estate/mortgage industry (in what seems like another life now), and having had a no-doc, no income verification mortgage myself, I can relate to his difficulties.  I also remember being stunned that Washington Mutual would throw so much money at a guy like me, seemingly without asking the most basic of questions.  Fortunately, life’s circumstances got me out of that mortgage before it ruined me.  Unfortunately, I had to leave behind a lot of other good things at the same time.

Anyway, it’s a good article, worth reading even if you’ve never experienced the kind of troubles he’s talking about.

One question though: is it possible that one reason US newspapers are in such financial trouble because they’re paying their reporters $120,000 a year?

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