With Jose Canseco firmly established as the least likable foreclosure victim, Ed McMahon might be the most sympathetic of the celebrity foreclosure candidates. The Wall Street Journal reports (subscription required) that long-time Johnny Carson straight man Ed McMahon "faces the possible loss of his Beverly Hills home to a foreclosure action initiated by a unit of Countrywide Financial Corp. (NYSE: CFC)."
As of February 28th, McMahon was $644,000 in arrears on a $4.8 million loan backed by the home. The six-bedroom house has been on the market for 2 years but the recent price reduction hasn't attracted a buyer.
Just when you thought Countrywide couldn't sully its reputation any further, the company might take Ed McMahon's house. And it gets worse. According to his spokesman, the 85-year old hasn't been able to work because he broke his neck in a fall 18 months ago.
What's next? CEO Angelo Mozilo accidentally sending a rude emai to a borrower who had the nerve to contact him in search of help? Oh wait, he already did that.
Ed McMahon faces Countrywide foreclosure
Posted Jun 4th 2008 11:08AM by Zac Bissonnette
Filed under: Countrywide Financial (CFC), Housing
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Reader Comments (Page 1 of 1)
6-04-2008 @ 11:34AM
x said...
Uhhh...... If he paid his mortgage he wouldn't be in forclosure. Tough cookies, sell and downgrade.
6-04-2008 @ 11:40AM
Sheldon L said...
I beg to differ Zac,
The bank did not single out home owner Ed. The bank followed it's fiduciary responsibility.
Your article suggest (or ignores that) the repercussions to shareholders, tax payers, employees and others is of no consequence.
Mozilo may not be the Popes right hand man but he does not review foreclosures personally and what would be said if Ed received the "star treatment" and was not treated like every other mortgage holder.
The amount of the dilinquency is substantial and it is likely the bank has been trying to work something out for quite some time without success.
Where are all of Ed's friends now that he needs them?
6-04-2008 @ 12:20PM
william lindblad said...
This seems a little odd as Ed always struck me as a pretty bright fellow. I have little doubt that he received ample compensation for all the years on the tonight show, plus all of his later activity should have resulted in a tidy bank account. In other words, this guy should be living in a paid for mansion with substantial other assets to support it. Obviously, he is not as bright as I thought, at least on the business side.
6-04-2008 @ 1:21PM
PETER said...
Just watch - Ed's troubles will turn up in stories about the so called "mortgage crisis" we are having. Sorry, Ed and others, but what we are having is an "idiot's crisis."
6-04-2008 @ 2:04PM
Harry said...
Ed is different than anyone else. The bank should follow what the contract calls for. I'm sure Ed could live nicely in a much smaller home that he can afford...