Johnny Carson's sidekick Ed McMahon: Even some famous types face foreclosure
It's not just the little people getting that are getting hit by mortgage foreclosures. Even some of the rich and famous, like former Johnny Carson sidekick Ed McMahon, who has a mortgage with the ReconTrust unit of Countrywide Financial, are gettig hit...
Howard Bragman, a spokesman for Mr. McMahon, said late Tuesday that his client is having "very fruitful discussions" with the lender and hopes to find a resolution. It isn't clear whether that would allow the 85-year-old Mr. McMahon and his wife, Pamela, to remain in the six-bedroom home.
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 been reported. 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.
Mr. McMahon's home has been on the market for about two years, his real-estate agent Alex Davis said. Mr. Davis said the price had been reduced but that he didn't have details handy. The Christie's Great Estates Web site, which includes homes listed by Mr. Davis, lists the asking price at $5.75 million and says it has a canyon view and a master-bedroom suite with his and hers bathrooms.
Mr. McMahon broke his neck in a fall about 18 months ago and hasn't been able to work, Mr. Bragman said. That health problem, along with the weak housing market and economy, has forced Mr. McMahon into foreclosure proceedings, Mr. Bragman said.
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