Ed McMahon: New Poster Child for Subprime Mess
August 15, 2008 10:56 AM
Well, I guess you can say the 85-year-old Ed McMahon, longtime sidekick of Johnny Carson on “The Tonight Show,” has become the official poster child of the subprime lending mess, after he defaulted on mortgage loans with the now-notorious Countrywide Financial Corp.
The story made national headlines when Donald Trump got wind of McMahon’s woes and bought the house in order to lease it back to the octogenarian, letting him remain in his house.
McMahon’s home had been on the market for nearly two years and once was valued at $7 million, but now has an asking price of $4.6 million, according to published reports.
Trump, who didn’t know McMahon, was a fan of Carson and his sidekick and stepped forward, asking, “How could this happen,” according to the Los Angeles Times.
Cynics said the publicity-loving Trump did it to get back into the limelight. I say, so what?
Money talks and you-know-what walks. And shame on Countrywide, the lender at the very core of the real estate market meltdown with its questionable mortgage practices.