Media Claim Ed McMahon Victim of 'Subprime Mess'
Ed McMahon has gone from spokesman for a sweepstakes company to spokesman for foreclosure victims. McMahon and his mansion have been in the news because he is â€śthe latest celebrity to fall victim to the housing crisis,â€ť said Chris Cuomo on ABCâ€™s June 6 â€śGood Morning
McMahonâ€™s â€śsubprimeâ€ť problem wasnâ€™t anything of the kind. The actor and TV celebrity even admitted he had created his own financial problems, but Cuomoâ€™s report made no mention of any personal mistakes.
The former â€śTonight Showâ€ť sidekick appeared on â€śLarry King Liveâ€ť on June 5 admitting that, â€śif you spend more money than you make, you know what happens.â€ť He cited his divorces and an injury. His wife admitted, â€śWe didnâ€™t keep our eye on the ball. We made mistakes,â€ť reported The Los Angeles Times that same day.
Yet, McMahon still didnâ€™t take full responsibility for his foreclosure and the media let him link his misery to those who havenâ€™t overspent by millions of dollars. â€śYou know, thereâ€™s a lot of people that are hard workers, did everything right, didnâ€™t do anything wrong, and all of a sudden theyâ€™re in this boat. And I speak for all of them,â€ť McMahon told Larry King.
Earlier in the day, the â€śToday Showâ€ť made that precise connection. NBCâ€™s Al Roker linked McMahonâ€™s problems to the economy. â€śI think it does speak to the fact that this subprime mess, this whole thing is spread out,â€ť he said.
This comment followed another attempt by Roker to hold McMahon blameless. â€ś[McMahon] may be the victim of some unscrupulous financial advisors.â€ť Kathie Lee Gifford later suggested that â€śBrad and Angelina should pay his mortgage.â€ť
According to some in the media, it is not McMahonâ€™s fault his house is being foreclosed. Los Angeles Times writer Peter Hong referred to McMahon being â€ścaught up n the nationwide real estate downturn and mortgage crunch,â€ť on June 4.
Instead, blame lenders. â€śFederal regulators have been urging lenders to ease loan terms, but it wasnâ€™t clear if that would happen in McMahonâ€™s case,â€ť wrote Hong.