3 Captivating Housing Stories: Trouble in the 90210: When Beverly Hills Isn’t Prime. Vote yes for Multiple Foreclosures. The Coming Bank Failues.
The bigger they are, the harder they fall. That mantra is now being witnessed first hand by many prime areas of Los Angeles County. Luxury properties have a very specific and niche based market. They cater to a very unique audience that usually resides outside the confines of the average American. The story making the rounds this week is the foreclosure of Ed McMahon. He is in arrears by an eye popping $644,000 on his $4.8 million dollar home in Beverly Hills. The loan is brought to you by no other than Countrywide Financial. The problem that is now occurring with these big daddy mortgages is that once they fail, they fail big. For example, let assume in Ohio 10 bad mortgages were made and each constituted a $10,000 loss for the bank. So on that deal, the […]
Original post by drhousingbubble
