Falcone: $22.5 million mortgage is ‘normal’

Hedge-funder Philip Falcone’s personal debts have attracted widespread attention this month. First came news that the Securities and Exchange Commission and U.S. Attorney’s office in Manhattan are looking into a $113 million loan that Harbinger Capital Partners — Mr. Falcone’s hedge fund — gave to Mr. Falcone to cover a tax bill. Then came news that he and his wife, Lisa, had used their art collection as collateral for a five-year loan from Bank of America.