Wednesday, July 30, 2008

Tiger Tricked by Adjustable Rate Mortgage

Chalk up another victim to the year's housing crisis. Tiger Woods reported yesterday that he was unaware the mortgage on his $38 million dollar Jupiter Island home was adjustable after three years. The golfer, recuperating from ACL surgery, was shocked when his monthly payment jumped from $125,000 to nearly $193,000. A representative for Countrywide says if Tiger defaults on the loan, they will be laying off an additional 4,000 employees.

1 comment:

courtgolf said...

are you serious ?? I know I'm shocked to hear that Tiger didn't know that he has an adjustable rate mortgage - I thought he said he had saved his tournament winnings for this and had the cash in his other wallet.

Countrywide is turning into The Inquirer. Where do they get off releasing personal financial situations like this ? I would love to see Tiger, or some celeb take them to court (actually, Bank of America since they just bought Countrywide). That would more than make up the difference in the payments.

Any possibility Nike will step up and pay the difference with a marketing clause ? Maybe a swoosh on the roof or the gate or the bottom of the pool ? :-)