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AP Magic Johnson |
But what's amazing about Johnson is that when something negative happens with his business enterprises, there's almost no coverage.
With the subprime crisis, I decided to figure out what happened with the 26 Washington Mutual [WM
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]home loan centers he co-sponsored beginning in 2003. Johnson didn't lend his own money to these home loan centers. It was a just a name. But his name is connected with the idea of the subprime mortgage. Well, it wasn't connected until now.
After not finding a single article on the status of these specific centers, whose purpose was to give what can be classified as high-risk loans to minorities in urban communities after they completed an educational program, I wrote Washington Mutual to find out what happened.
Predictably, given the subprime mortgage mess, I was told that the closing of the Johnson-affiliated home loan centers were closed when Washington Mutual closed all its stand alone home loan centers in April.
Update: A Washington Mutual spokesperson said that these lending centers did not engage in subprime lending and that the company did not consider these loans to be higher risk.
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