Ed McMahon is back in the news, this time he is being sued by Citibank who lent him almost $200,000 which he has not paid back and now Citibank wants their money from Ed McMahon. Earlier this month we heard about Ed McMahon facing foreclosure on his home in Beverly Hills, it seems that he was over $600,000 behind in his mortgage payments. Finally the lender, Countrywide had to file a default notice.

I saw a bit of the interview on Larry King’s show with Ed McMahon and his wife Pamela McMahon and I’m sorry to say, I wasn’t feeling so bad for them. Pamela was going on and on about how something needs to be done to help all of these people in the mortgage crisis and how poor Ed McMahon has not been able to work and my first though was, really? are you kidding me? The man should not have to be working at his age! After all those years of being on the Tonight Show with Johnny Carson and being the spokesman for so many different companies, at some point he didn’t have enough good financial advice and was saving money for retirement that at his age he didn’t need to be working? What does she think, that he is going to work until he goes to his grave? At what point does he deserve to just stop working and maybe enjoy life.

I mean come on, at some point didn’t Ed McMahon know they he needed to get his mortgage refinancing so that he could keep his home? Or did he tap into his home equity loans to the point that it was no longer feasible? Ed McMahon told Larry King that they admit to spending more than they make. How long has he been in the business? Hasn’t he seen this happen over and over again? Stars getting rich and then not saving money for the lean times? I mean come on, their is only so many times that you can get your home equity loans before the bank says no more and then you are faced with with a mortgage refinancing so that you don’t lose your home.

This is why I don’t think the government needs to be stepping in to help people save their homes. If someone like Ed McMahon can’t figure out how to save money and not go bankrupt, how and why should we save the millions of other people in the same boat? If you aren’t smart with your money you won’t get it unless you hit bottom and have to suffer. For me personally I have stayed away from all home equity loans as I do not want to be taking on the additional debt and at this point in time I would be sure that taking on a home equity loans would not be the best course of action.

I have been through a mortgage financing one time in order to get a lower rate but wouldn’t want to go through that process again at this point in time. Hopefully Ed McMahon can get his business sorted out, including paying back Citibank, before he loses everything, it would be a sad legacy to leave otherwise.