Countrywide, owned by Bank of America confirms to me that it has finally sold the mortgages to Ed McMahon's home. Foreclosure Trackers says it bought the loan on behalf of a private investor (not Donald Trump) who is allowing McMahon to stay in the house.
Thus -- maybe -- ends a long saga during which the aging "Tonight Show" veteran was threatened with foreclosure on his Beverly Hills mansion, after defaulting on loans reportedly totaling $4.8 million.
We'd been hearing for months that Countrywide wanted to make this all go away, but the offers to buy the loans were just too low.
Foreclosure Trackers CEO Robert Lee says he is now "in the process of modifying the star's first and second mortgages." Lee believes there will be growing interest on the part of investors to buy defaulted mortgages at a discount and then reworking the terms with individual homeowners.
We have calls into McMahon's camp to confirm the deal. After all, I reported back in September that McMahon disputed an earlier claim by Foreclosure Trackers that it had a buyer for the mortgages. However, today, Countrywide confirms it's a done deal.
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