Unfortunately Countrywide Financial Corp. and the sub-prime mortgage crisis can get the better of us and the best of us. Ed McMahon's recent foreclosure of his home in Bel Air, Los Angeles put a name and a face on the problematic 2.5% rise or total one million homes in mortgage foreclosure since the 2% figure at the end of 2007. For states like California, blame the problem on increased housing costs and risky mortgage loans made to real estate investors. In Ed McMahon's case, it might be easier to lay the blame on neighbor Britney Spear's paparazzi.
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