The Mortgage Crisis Claims Another Victim

Latrell Sprewell's home is up for foreclosure and his yacht sold at auction to help pay off the $1.3 million he owes on the boat.
Sprewell, who once turned down a three-year, $21 million contract extension saying, "I've got my family to feed," has apparently fallen on tough times.
Citizens Bank, filed a foreclosure suit last week in Milwaukee County for the $405,000 home Sprewell bought in the Milwaukee suburb of River Hills in 1994.
The bank said Sprewell owed $295,138 in outstanding payments plus interest.
Sprewell failed to make his mortgage payments of $2,593 per month from September 2007 to January 2008.
Sprewell hasn't played since he turned down that extension after the 2005-05 season, when he earned $14.6 million.
Last month, Sprewell's 70-foot yacht, named "Milwaukee's Best," was sold at auction for $856,000 to a man from Milwaukee.
It was originally worth about $1.5 million. The bank holding that mortgage, North Fork Bank, asked that it be seized to pay off $1.3 million in debt, meaning Spree still owes $444,000 on a yacht he no longer owns.
Sprewell hadn't made its $10,322 monthly payments on time or maintained the necessary insurance on the boat.
A federal marshal seized the boat last summer in Manitowoc, about 80 miles north of Milwaukee, where it was in storage.
The sale price means the bank is still owed about $500,000, and it said in court filings it plans to go after the rest.

I'm sure Sprewell misses the yacht greatly, and now all he has is the memories of the time he had rough sex with a 21 year old woman on the yacht. Or the time he got into a fight on the yacht and broke his hand.

Memories!