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Even Multimillionaires Need Countrywide

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June 04, 2008 – Comments (11)

Ed McMahon doesn't seem to have used his millions wisely.

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. The notice was filed with the Los Angeles County Recorder's Office but hasn't previously come to light. 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. Public records also show that Mr. McMahon had a separate home-equity line of credit from Countrywide of up to $300,000 secured by the same house.

The government should immediately consider aiming some Fiscal Stimulus at Mr. McMahon and other rich folks who have -- through no fault of their own -- found themselves in millions of dollars in debt. It would be un-American to expect venerable entertainers to pay back their loans when times get tough, just as it is un-American to expect anyone else to pay back their loans when things don't go as planned.

11 Comments – Post Your Own

#1) On June 04, 2008 at 11:55 AM, mandrake66 (94.86) wrote:

When Doc Severinsen defaults, we've hit bottom.

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#2) On June 04, 2008 at 12:45 PM, SlowElectron (97.26) wrote:

If Ed uses his stimulus check to pay down his loan, he should only be about $643,400 in arrears. 

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#3) On June 04, 2008 at 12:49 PM, SlowElectron (97.26) wrote:

If Ed uses his stimulus check to pay down his loan, he should only be about $643,400 in arrears. 

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#4) On June 04, 2008 at 1:38 PM, FourthAxis (< 20) wrote:

Come on Seth, that's not funny.  It's getting tough out here in SoCal. 

On my one mile bike ride to work I saw 8 oceanfront homes for sale...at least 6 of them were under $6M.  Now tell me that's fair to those poor sellers!

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#5) On June 04, 2008 at 2:29 PM, TMFDeej (99.40) wrote:

HEYOOOOOOOOOOOOOO!

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#6) On June 04, 2008 at 3:58 PM, zygnoda (27.20) wrote:

On my one mile bike ride to work I saw 8 oceanfront homes for sale...at least 6 of them were under $6M.  Now tell me that's fair to those poor sellers!

haa   

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#7) On June 04, 2008 at 4:27 PM, cubanstockpicker (20.69) wrote:

I think Ed should fill out his Publishers Clearing house invitation, he may already have won $12 million dollars.

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#8) On June 04, 2008 at 4:33 PM, abitarePERFECT (29.15) wrote:

FYI - Wonkette has a take:

Foreclosure Crisis Takes Down Beloved Sidekick Ed McMahon

 

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#9) On June 04, 2008 at 5:01 PM, TMFBent (99.82) wrote:

Nice loaded title there. It's not "guy who made millions of dollars for decades blow it all, then borrows against his house and skips out on the tab..."

It's poor Ed, victim of a foreclosure crisis. Oh, and that unfortunate medical condition. Not that a guy who made millions and millions should have properly planned for such an event...

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#10) On June 04, 2008 at 8:00 PM, eskatonic (29.21) wrote:

maybe he should have done a better job with retirement planning

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#11) On June 05, 2008 at 12:50 AM, FleaBagger (29.71) wrote:

Apparently he's not all that beloved on CAPS....

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