Signs Of The Time, Part 14
Baseball. Once America’s national pastime (before suing anything with a pulse became all the rage). Who would have ever thought that the sport, in any way, would be connected to the ongoing housing bust here in the United States? According to Reuters’ Jill Serjeant yesterday, former baseball star Jose Canseco said on Thursday he had lost his California mansion to foreclosure. Apparently, Canseco, now 43, told the celebrity television show “Inside Edition” that it did not make financial sense to keep his 7,300 square-foot home in Encino, a Los Angeles suburb. The show said it had foreclosure documents showing that the six-time all-star owed a bank more than $2.5 million on the house. Canseco said:
I do have a judgment on my home and it to me is very strange because it didn’t make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else.
Sound familiar?
The Reuters reporter wrote:
Canseco said the foreclosure was not a difficult issue emotionally. But he sympathized with the millions of other Americans who have already lost, or face losing their homes, because of soaring interest rates on sub-prime loans.
“I decided to just let it go, but in most cases and most families, they have nowhere else to go,” he said.
According to Serjeant, Canseco said a good portion of the money he earned during his time in the major leagues went to pay for his divorces. “I had a couple of divorces that cost me $7 or $8 million,” the two-time World Series champion said.
Source:
“Baseball star Canseco loses home to foreclosure”
Jill Serjeant
Reuters, May 1, 2008
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