We didn’t need to read WSJ a couple days ago to know that the number of home foreclosures is up and rising across America. That as of April 2008, there were 660,000 foreclosed homes, up from 493,000 in January 2008 and 231,000 in January 2007.
But we got a shocker today when WSJ reported that Ed McMahon’s $6.25 million, 6-bedroom/5-bath home in a Beverly Hills gated community is facing foreclosure. McMahon worked for decades as Johnny Carson’s sidekick on “The Tonight Show” (introducing Carson with his famous “Heeeeere’s Johnny” since it first aired in 1962), as the face for Publishers’ Clearinghouse Sweepstakes, and as host for “Star Search” (a precedent to “American Idol”). He also served as a pilot in the U.S. Marine Corps.
McMahon is $644,000 behind on his mortgage payments because he broke his neck 18 months ago, had to undergo two surgeries, and hasn’t been able to work since. The man is 85 years old, for goodness’ sake. His mortgage lender, Countrywide Financial Corp., is apparently in discussions “to resolve the situation.”
Two-time presidential hopeful John Edwards said: there are two Americas. I used to think that meant: those whose homes get foreclosed and those who can still buy vacation homes in euros. McMahon’s story describes a third America: those who work all their lives to make ends meet. Then see their homes foreclosed.
We are desperate for change.