Ed McMahon's lender, Calabasas-based Countrywide Financial Corp., filed a notice of default in March on $4.8 million in mortgage loans, public records show. If McMahon does not make some arrangement, the six-bedroom, five-bath house in a gated hilltop community in Beverly Hills will be sold at auction. Explaining how he fell behind on his mortgage, McMahon told CNNs Larry King, "If you spend more money than you make, you know what happens," he said. "A couple of divorces thrown in, a few things like that."
Matt Sayles / Associated Press
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