You May Have Already Been Foreclosed!

Here's a breath-taker: The Wall Street Journal reports today that Ed McMahon, Tonight Show regular and one-time spokesman for American Family Publishing, faces foreclosure on his six-bedroom home in Beverly Hills.

The 85-year-old, who recently broke his neck in a fall, took a $4.8 million loan from a unit of notorious Countrywide Financial, and then took a large home-equity line of credit from the lender.

It's not clear from the Journal article how close Mr. McMahon is to foreclosure. There's still a chance he may avoid it and keep his home. But still... Ed "You Are Correct, Sir!" McMahon? How bad can this market get?