McMahon defaulted on $4.8 million in mortgage loans with a unit of Countrywide Financial Corp., which filed a notice of default in March, according to ForeclosureRadar, a company that sells default data pulled from public records.
The 85-year-old pitchman for various products, including American Family Publishers, is the highest-profile person to be caught up in the nationwide real estate downturn and mortgage crunch."He's not alone. There are plenty of people affected by the weak economy, bad housing market or bad health," McMahon's spokesman, Howard Bragman, said late Tuesday.
Bragman said McMahon fell and broke his neck about 18 months ago and has been unable to work since."The ideal situation would be that he would be healthy and able to earn a living to pay for his house," Bragman said.
Ed has always seemed to be a likable guy, and I hope it turns out OK, but I think he could have used a reality check. When you're 85 and have a seven-figure mortgage for which you have to work to pay, it's apparent that your financial planning has been askew.