Devoted to Managers and those that seek to improve their management skills

Records at the Los Angeles County Recorder's Office reveal that Ed McMahon is in default on his $4.8 million loan to Countrywide Financial Corp. As a result, forecloser action has been put into effect against the home.

McMahon spokesman Howard Bragman said that as a result of McMahon breaking his neck about 18 months ago, he hasn't been able to work. Along with the problems in the housing market and economy, he asserts that's what's behind the McMahon problems.

That sounds a little odd to me when you consider McMahon was a fixture on the Johnny Carson show for years, along with a number of other projects which generated significant income. With McMahon being 85-years-old, it's difficult to see how not being able to work at that age, as well as the money he earned during that period of his life, would force him to have to work now to pay his mortgage. Something doesn't sound right here.

The home has been on the market for two years for $5.75 milion, although there have been conflicting numbers as to what it's being offered at. So far it hasn't had any takers, some of that being attributed to the fact that Britney Spears has a home nearby that's alway inundated with paparrazi, making it less desirable.

When the papers were filed, McMahon was behind on his payments by $644,000.