Maybe he’ll win one of those giant Publishers Clearinghouse checks

It seems like the foreclosure nightmare has trickled up to the rich and famous! Never one to not exploit someone else’s misfortune, the cadaverous Larry King interviewed Ed McMahon and his golddigger wife Pamela in the wake of the imminent foreclosure on their mansion.


Original DVD cover.

LOS ANGELES (AP) — For years, Ed McMahon promised wealth, comfort and happiness as a pitchman for the American Family Publishers’ sweepstakes. Now, he could use some of that cash himself.

The former sidekick to Johnny Carson on the “Tonight” show is in danger of losing his multimillion-dollar Beverly Hills home to foreclosure. Documents show that McMahon is nearly $644,000 behind in payments on a $4.8 million mortgage loan he got in 2005. Countrywide Home Loans Inc. filed the notice of default on Feb. 28, with the amount owed to “increase until your account becomes current,” according to documents obtained by Celebtv.com.

…snip…

[Spokesman Howard] Bragman declined to give specifics about McMahon’s finances, but said the 85-year-old television personality has been unable to work since he broke his neck 18 months ago. He did say that the current problems are unrelated to a toxic mold that spread through the structure, sickened McMahon and his wife, and led to the death of their dog in 2001. He received a $7.2 million settlement from that case.

Not to sound unsympathetic, but if you got a $7.2 million settlement, and your wife has to now shop at the dollar store, then I don’t think you are managing your finances very well. I doubt that you furnished your mansion at K-Mart. Have a friggin’ garage sale! But I digress….

McMahon is the latest celebrity to be hit by Southern California’s foreclosure crisis. In May, former baseball star and “Juiced” author Jose Canseco had his property foreclosed in the San Fernando Valley. Canseco said then that he walked away from his $2.5 million, 7,300-square-foot home in suburban Encino because it didn’t make sense to continue making payments.

And now we can add yet another celeb who will be pushing a shopping cart with his belongings in it up Mulholland Drive. From bodogBEAT:

Since Ed McMahon’s foreclosure crises was reported yesterday, the next celebrity victim of the mortgage crisis is multiple world champion boxer Evander Holyfield.

Holyfield’s home has been put up for auction block and TMZ reports he also owes $550,000 to his landscape dude. That’s a lot of bush! He is also being sued for back child support.

Once again, I’m having trouble squeezing out a tear. I think I will save my sympathy for the poor shlubs who don’t have celebrity to fall back on when they lose everything. From the Los Angeles Times:

WASHINGTON — Mortgage delinquencies and foreclosures reached record levels in the first three months of this year, driven higher by increasing housing woes in California and Florida, the Mortgage Bankers Assn. reported Thursday.

Nationally, 6.35% of all mortgages were at least 30 days past due — but not yet in foreclosure — on a seasonally adjusted basis in the first quarter, up from 5.82% in the fourth quarter of last year and 4.84% in the first three months of 2007, the association reported.

An additional 2.47% of mortgages were in the process of foreclosure on March 31, up from 2.04% at the end of last year and 1.28% at the end of March 2007. Those figures aren’t seasonally adjusted.

…snip…

The number of foreclosure starts reached a new 29-year high, as did the percentage of homes in foreclosure and the percentage in delinquency.

Although the mortgage crisis began in the sub-prime market, the number of troubled prime loans is on the rise. Of all loans that entered the foreclosure process in the first quarter, 42% were prime mortgages and 50% were sub-prime loans. Loans insured by the Federal Housing Administration accounted for the remainder.

All I can say is thank goodness for those compassionate conservatives in Washington 😀 :

May 9 (Bloomberg) — The U.S. House of Representatives passed legislation to let a federal agency insure up to $300 billion in mortgages to help homeowners avert foreclosure, a day after the White House threatened to veto the measure.

The House voted 266-154 yesterday to approve the housing package offered by Massachusetts Democrat Barney Frank. The plan would allow the Federal Housing Administration to insure refinanced mortgages after loan holders agree to cut principal to make payments affordable.

…snip…

Democrats in Congress are at odds with Republican lawmakers and the Bush administration over efforts to stem foreclosures amid the worst housing slump in a quarter century. The White House favors a voluntary, industry-led program to modify loan terms and this week issued a veto threat against Frank’s bill.

Republicans oppose using government funds, saying that would reward lenders and investors who acted recklessly and is unfair to homeowners who are keeping up with mortgage payments. Democrats including Frank say government funding is needed to preserve neighborhoods and help homeowners who were steered into loans they couldn’t afford.

…snip…

Frank’s FHA proposal would cost $2.7 billion and help about 500,000 homeowners, according to a Congressional Budget Office estimate. Federal Reserve Chairman Ben S. Bernanke indicated support for the plan during a May 5 speech without explicitly endorsing it.

The Democrats’ housing package also would expand the FHA’s role in insuring mortgages and strengthen oversight of Fannie Mae and Freddie Mac, the government-chartered companies that are the biggest sources of money for U.S. mortgages. It includes a provision that would shield loan-servicing companies that modify mortgages from investor lawsuits.

…snip…

The legislation didn’t get the two-thirds majority vote necessary to override a presidential veto, [Frank] said.

…snip…

Frank’s counterpart in the Senate, Banking Committee Chairman Christopher Dodd, said he is working with colleagues on the panel to pass similar legislation.

“The passage of this bipartisan measure sends a clear signal to Americans — and the White House — that Congress is committed to helping people keep their homes and stabilize the markets,” Dodd, a Connecticut Democrat, said yesterday in a statement.

The House yesterday also approved a bill that would create a $15 billion loan-and-grant program to help states buy and rehabilitate foreclosed homes.

18 Comments

Filed under 2008 election, Ben Bernanke, California, Chimpy, Christopher Dodd, Florida, George W. Bush, humor, movies, parody, politics, Republicans, Senate Banking Committee, snark, Wordpress Political Blogs

18 responses to “Maybe he’ll win one of those giant Publishers Clearinghouse checks

  1. Got a Grip

    I have a reverse-class reaction to celebrity home foreclosures, I’m afraid. When they make all that money, what exactly do they do with it? Don’t they save for a rainy day? Wouldn’t you just pay for a house up front if you’d made millions from guffawing loudly while sitting comfortably on a couch on TV (not to mention the Publisher’s Clearinghouse gig and Star Search, etc.)? Do “stars” just use money to wipe their a$$es with? Where does all that money go?

    I hate to see anyone lose their home and be in dire straits, but I guess too many years of poverty and penny pinching have colored my view on this issue. I mean, I drive a car that is 15 years old, has 350,000 miles on it, has no functioning air conditioning and hasn’t had a driver’s side window for over two years now (although it gets a lovely homemade plastic window in winter). I will continue to drive it because a) it gets over 40 miles to the gallon and b) I can’t afford to buy another one. So I just can’t wrap my head around making all that money and then not being able to pay your bills.

    This country is in a real mess. I’m feeling sorry for everyone, including myself. I’m just not able to muster up quite as much sympathy for those poor rich folks these days…..

  2. gotta,
    like i said in the diary, i am having trouble squeezing out a tear for any of them. they can sell their belongings and still be very well off. too fu¢king bad if they lose their mansions that they didn’t need in the first place.
    maybe it’s just me, but the first thing i would do if i came into money is to buy a home for cash. that would be my security.
    i am living on disability, and i still managed to pay off my condo early. it’s a matter of priorities.

  3. jlms qkw - jenn

    larry king’s got a young trophy-type wife too.

    Got a Grip, i think when someone has so much money, they often don’t think. there’s agents and handlers and publicists to pay too. blech.

    my husband said tonight at dinner that he was going to start leaning republican because he wanted to keep his money himself.

    he is getting so full of himself lately, i’m ready to poke him with a pin and let some of the hot air out!

    great pic nonnie!

  4. jenn,
    i can understand someone who is very young who suddenly has tons of money and can’t spend it fast enough, but ed mcmahon is 85 years old. he lived through the depression. he should know better than to piss away money like it is growing on trees.
    as for the hubby, ask him how much money he will be able to keep when everything is privatized, and he will have to pay to use each road he drives on. then stick him with the pin–just for fun! 😉

  5. nightowl724

    I have nothing against Ed, but there are some others I’d LOVE to see living on the street before they get hauled off to jail! Of course, I won’t mention any names…

    And, I couldn’t agree more with what everyone said about some rich folks blowing their money. They must think there’s always more where that came from. I just can’t imagine feeling that way…

    nonnie, ya’ll done did good ag’in!

  6. Got a Grip

    I hear ya’, nons. I’m on disability, too. I manage to pay my bills each month, share as much of the bills with my sister each month as I can and keep my kids from having to choose between food and medication for the kids during these hard times. And I save little bits here and there to send to worthy candidates. I’ve been saving for a year so I could go to NN and then head to the Gulf to walk on the beach. I may have to sleep in my car a couple of nights, but I actually lived in that car once upon a time with two cats, so it’s not like I don’t know how to do it. I know how to scrounge for what I need and make it work.

    I just don’t understand how these people end up with all this money and then blow it so fast. All that high living isn’t for me. It’s interesting to visit once in a while, but I definitely don’t want to live there…

  7. nightowl724

    Well, Raisinettes, at least three of us have at least one thing in common. I’m on disability, too.

  8. it occurs to me that the best financial managers the rich folks can get are people who live from hand to mouth and somehow figure out how to survive. we would have told old ed long ago to sell the damned house if he couldn’t make the mortgage payment and buy a smaller place that he could pay for in cash.
    did anyone else see the cadaver king show when the mcmahons were on? larry asked if they were asking for donations. ed immediately said no, but his wife sure sounded to me like she would welcome people sending them money. it was at that point that i lost all sympathy for her. she bitched about shopping at the dollar store. well, boo-fu¢king-hoo. how many people have been shopping at dollar stores for years, because they work hard but can’t afford to shop anywhere else? they can’t make millions by sitting on a couch and laughing.

  9. jeb

    “Republicans oppose using government funds, saying that would reward lenders and investors who acted recklessly and is unfair to homeowners who are keeping up with mortgage payments.”

    Repugs are worried about fairness? There are just so many contradictions in this statement it boggles the mind. Go ahead and fiddle you Nero’s while Rome burns. Act like you frickin care about fairness while you rake in the PAC and special interest money. Ed McMahon, Evander Holyfield and Jose Canseco aside, this economy is swirling the drain and all these Rethugs can do is stick to their 1929 playbook.

  10. you did notice, though, that they threw fairness to the wind when they bailed out bear stearns.

  11. nightowl.
    there should be at least one sunday when all the dems on all the talking head shows should answer every argument with so?. then they should add that, if it is good enough an answer for deadeye dick, then it should be good enough for them. what fun it would be to see pumpkinhead russert’s, tweety’s, and all the rest of the morons’ heads explode!

  12. nightowl724

    nonnie, that would be “so” great!

  13. so?

    gee, that works great! 😀

  14. not one tear for ed macmahon

  15. dcAp,
    i felt a little bit sorry for him until i saw him on cadaver king’s show. i thought that maybe he got a bit senile, and those around him were manipulating him and stealing his money without him realizing it. however, he didn’t seem to be mentally diminished at all. he’s just an idiot who spent all his money.

  16. Moodz4Modernz

    You need $644,000.00 dollars? One “Save Ed McMahon’s Home” private Hollywood fundraiser would raise that much in ten minutes. Can the average hardworking person (about whom you have used the public airways, free of charge, to pledge your solidarity and sympathy) manage that? Can the average hardworking person go on Larry King and put their story out there? $644,000.00 could save seventeen “average” American families, (many with minor children), from the very threat you now face. But would it garner good ratings?

    And Ed, after Jay Leno, Donald Trump, George Clooney and all your wealthy friends help bail you out of your financial morass, will you continue in your self-appointed role as “spokesman” for them then? Ed, pulleeese…

    This just may turn out to be your most incredible pitch ever.

  17. omigosh! at first, i thought you were yelling at me, moodz4modernz. whew! glad you aren’t mad at me. welcome to the raisin, m4m! 😀
    i completely agree with you. ed has options that everyday people do not. he might still have some sympathy for the common folk when his rich friends bail him out, but i doubt he will be out pounding the pavement to help any of them. it’s like the politicians who get some dread disease, suddenly decide that funding research is a priority, and then, when they are cured (under their government-paid-for health insurance that is a thousand times better than everyone else’s), they don’t forget that there are other sick people out there, but they sure as hell don’t do anything to help them.

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