Shaquille O'Neal, basketball's Big Diesel, wants to provide refinancing for at-risk mortgages.

Apparently, the Big Aristotle is still searching for his life's calling. Having been an NBA MVP, sheriff, movie star, rapper, producer of a reality TV show, and club emcee, Shaquille O'Neal is ready to try his hand at being a foreclosure bailout specialist, as well.

Shaq wants to help distressed homeowners in Florida by bailing them out of their expensive mortgages. The details haven't been fleshed out just yet, but he envisions giving homeowners new mortgages with better terms, while making a small profit for himself. He also believes that this plan could segue into a reality television show, tentatively titled Shaq's Big Save. This is not to be confused with Shaq's Big Challenge, the reality show that helped overweight kids trim down and get fit.

At this point, Shaq's refinancing proposal is little more than an idea. The news leaked out prematurely after he took a trip to Orlando City Hall to meet with city officials and learn more about the foreclosure problem. Both Shaq and his attorney have confirmed the story with the Orlando Sentinel, while admitting that there are few working details of yet. Even so, Shaq has already started receiving emails and phone calls from homeowners, would-be business partners, and the media.

Running the stats

In May, RealtyTrac Inc. reported that more than 240,000 homeowners nationwide received foreclosure-related notices the previous month. That figure is 65 percent higher than the number of notices received in April of 2007. Even more disturbing is that more than 100,000 of those notices represented early notices of default, indicating that the tide of households slipping into foreclosure is still strong. Shaq certainly has his work cut out for him: Florida is one of the states hardest hit by the foreclosure crisis, and California is right up there, as well-which possibly gives the big fella an opportunity to regain the favor of some of his old Magic, Heat, and Laker fans. Nine of the top 10 communities with the highest rates of foreclosure nationwide are located in metropolitan areas of Florida or California.

Foreclosure slam dunk?

Whether Shaquille O'Neal can help homeowners rebound form their foreclosure woes remains to be seen. As the fourth highest paid athlete in North America, he shouldn't have a problem accessing the capital needed to refinance at-risk mortgages. The 7-foot center's contract with the Phoenix Suns pays him $20 million a year through the 2009/2010 season; he earns another $15 million a year in endorsements on top of that. His qualifications also include a fledging real estate background; he established The O'Neal Group, a real estate and investment company, in 2006. The entity has a stake in the Met 3 building of MDM Development's Metropolitan Miami project.

If Shaq's Big Save is successful on any level, he'll not only be a bailout specialist, but some might call him a magician, too. Then there'd be only one thing left for the Big Aristotle to do: make his free throws.