Wednesday, June 04, 2008

Ed McMahon Borrowed $4.8 Million at HIS AGE?

Apparently he thinks he's going to live forever.

ReconTrust, a unit of mortgage lender Countrywide Financial, on Feb. 28 filed a notice of default on a $4.8 million Countrywide loan backed by Mr. McMahon's home.

... According to the filing, Mr. McMahon was then about $644,000 in arrears on the loan. It isn't clear whether Countrywide still owns the loan or is acting on behalf of investors who acquired it.

Mr. McMahon broke his neck in a fall about 18 months ago and hasn't been able to work, [Howard Bragman, a spokesman for Mr. McMahon] said. That health problem, along with the weak housing market and economy, has forced Mr. McMahon into foreclosure proceedings ...

Clearly, Ed McMahon would rather be working, and like most people, I am very sorry that he is disabled by the injury.

But $4.8 MILLION in a mortgage?

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