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Paul Kiesel
Paul Kiesel
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Evander Holyfield’s $10 Million Home to be Foreclosed

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The Los Angeles Times’ Peter Villers of “LA Land Blog” has just reported that Evander Holyfield’s home will be foreclosed on.

The blog suggests that Holyfield is facing other financial difficulties, however, Holyfield’s house being foreclosed on is an indicator that prime borrowers (his home’s estimated worth is $10 million) are now starting to feel the pangs of the subprime collapse.

It’d be interesting to see what type of mortgage Holyfield had taken out on his home, and who the lender is. It’s likely the loan was a jumbo Option ARM, as many of the jumbo loans taken out over the last three years have interest rates that are resetting now and putting prime borrowers in delinquency or in the foreclosure process (Canseco had this type of loan).