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Report: Ed McMahon's home faces foreclosure

  • Story Highlights
  • Wall Street Journal reported that McMahon was $644,000 in arrears on a $4.8M loan
  • McMahon is in discussions with his lender and hopes to find a resolution
  • More than 156,000 families have lost their homes to bank repossessions this year
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LOS ANGELES, California (CNN) -- The foreclosure problems sweeping the United States apparently have ensnared Ed McMahon, who is best known as Johnny Carson's sidekick on "The Tonight Show."

The Wall Street Journal reported Tuesday that McMahon was $644,000 in arrears on a $4.8 million loan for a home in Beverly Hills, California.

McMahon's spokesman, Howard Bragman, confirmed to CNN late Tuesday that McMahon is in discussions with his lender and hopes to find a resolution.

The newspaper reported that ReconTrust, a division of Countrywide Financial, filed a notice of default related to a loan for McMahon's house in Los Angeles County Recorder's Court on Feb. 28. It said his house has been on the market for about two years.

Nationally, one of every 194 U.S. households received a foreclosure filing in the first three months of 2008, according to recent figures from RealtyTrac.

There were nearly 650,000 foreclosure filings -- which include notices of default, auction sales and bank repossessions -- issued during the first quarter of 2008. That's up 23 percent from the last quarter of 2007, and up a staggering 112 percent from the same period a year ago.

Foreclosures increased in 46 states and in 90 of the nation's 100 largest metro areas.

More than 156,000 families have lost their homes to bank repossessions this year.

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