McMahon defaulted on $4.8 million in mortgage loans with Countrywide Financial Corp. and faced foreclosure in two weeks if a new buyer wasn't found.
Trump told The Times it "would be an honor" to help McMahon out.
"I don't know the man, but I grew up watching him on TV," Trump told the newspaper. "When I was at the Wharton School of Business, I'd watch him every night. How could this happen?"
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