Trump to the Rescue!
Here’s one solution to the foreclosure crisis: Get Donald Trump to come along and buy your home. That’s the deal for Ed McMahon, who quickly has become the poster child for delinquent celebrity homeowners. McMahon, still remembered for his “Tonight Show” fame, defaulted on $4.8 million in loans from Countrywide Financial Corp. and is slated to lose his home. But it’s Trump to the rescue! Trump told the Los Angeles Times that he doesn’t know McMahon personally but that he feels helping out is the right thing to do:
When I was at the Wharton School of Business,” Trump said, “I’d watch him every night. How could this happen?”
Probably because McMahon bought an expensive house, had an illness and couldn’t work, and fell behind on his payments, just like many non-celebrities facing foreclosure. Nonetheless, Trump will lease McMahon’s mansion back to him, thereby becoming his landlord. Another solution might have been for McMahon to accept the foreclosure, give up his house, and rent a small apartment in a cheaper neighborhood than Beverly Hills. But, hey, things don’t happen that way in the entertainment world.
Should Trump renege on the deal somehow and wind up kicking McMahon out, it will be the most famous celebrity case of foreclosure fraud ever.