It seems hip-hop mogul Damon Dash may be an entrepreneur, but he's certainly not in the business of paying the bills. The NY Post is now reporting that the Eastern Savings Bank has filed suit against him, "charging the Roc-a-Fella Records co-founder hasn't made a payment on his $78,504.20-a-month mortgage since January." The $7.3M mortgage is split between two properties, at both 25 N. Moore Street and 79 Laight Street, and Dash and his wife......

You've heard about Ed McMahon's home being foreclosed in Beverly Hills? Well, now Donald Trump is swooping in to help out the former Tonight Show sidekick. Trump, who doesn't know McMahon--"I grew up watching him on TV"--told the LA Times it would be "honor" to lease the mansion to the 85-year-old, who defaulted on $4.8 million in mortgage loans with Countrywide (the house is a 6-bedroom, 5-bath home, bought in 1990 for $2.6 million). Details......

John Brennan was arrested after drawing a gun on sheriff's officers who had come to move items out of his 88-year-old mother's foreclosed home in Saddle Brook, NJ. His mother was unable to pay off her refinancing payments and the home was sold at auction in May. When movers and officers arrived yesterday, Brennan refused to let them into the house, wielding a .22-caliber gun. Eventually, the officers were able to calm Brennan down. Charges......

The Post reported that, when comparing July 2008 figures to July 2007, foreclosures were up 67%. Here's how it broke down by borough: A 16% increase in the Bronx; up 63% in Brooklyn; up 7.6% in Manhattan (but a 55% increase between June and July of 2008); up 81% in Queens (half the foreclosures there were); and up 215% on Staten Island. The Post adds that Queens "appears to be at the epicenter of the......

The site of the 43-story tower at the corner of East 51st Street and Second Avenue may remain a partially built tragic reminder of the fatal March 15 crane collapse for a long while, because the developer's lender has started foreclosure action against him. Apparently developer, FDNY veteran James Kennelly, hasn't paid $70.4 million in loans; though he couldn't attempt to get new financing, bankers tells the NY Times it's harder for developers to get......

Don’t get too comfortable homeowners – the city’s foreclosure rate is skyrocketing, up a startling 66% in the first quarter of 2008 compared to last year, according to Crain’s and the housing research site Property Shark. Queens saw more foreclosures than the four other boroughs combined, with 508 in the first quarter, up 59% from the same period in 2007. The Queens neighborhoods of Jamaica, Hollis and St. Albans reported the biggest foreclosure increases,......

A real estate agent who was handling the sale of a foreclosed houes in Jamaica, Queens discovered 100 marijuana plants inside. The subprime meltdown really is hitting all corners of the city. WCBS 2 reports that the discovery was made on Thursday afternoon and police removed all the plants from 170-04 118th Avenue. No further details were available, but we're guessing the previous occupants weren't able to rent a van to remove their goods.......

According to The Federal Reserve Bank of New York, the 11233 zip code that encompasses Bedford-Stuyvesant and Crown Heights had the highest foreclosure rates for subprime mortgages in the entire nation in October. More than one in four people, or 25.2%, with subprime loans in the zip code lost their homes to foreclosure. That's almost four times the national average of 6.9%. It's a stark example of the toll that the lending meltdown is taking......