The Real Deal Miami

Shaq to help those in default

June 12, 2008 06:26PM

Professional basketball player Shaquille O’Neal has announced plans to buy the mortgages of homeowners who have entered into foreclosure because of high interest rates, and then sell them their homes back on more affordable terms. O’Neal made an appearance at City Hall to introduce himself to government officials, but said that specific details of his plan have yet to arise. The Phoenix Suns player began investing in commercial and residential real estate in 2006, creating the O’Neal Group, which owned a portfolio valued at $50 million at one point.