(Wells Fargo) Exec Used Repossessed Home for Parties: Neighbors

[sabra]

Source: CNBC/AP

A Wells Fargo executive who oversees foreclosed properties hosted parties and spent long summer weekends in a $12 million Malibu beach house, moving into the home just after it had been surrendered to Wells Fargo to satisfy debts, neighbors said.

The previous owners of the beachfront home in Malibu Colony — a densely built stretch of luxury homes that has been a favorite of celebrities over the years — were financially devastated in Bernard Madoff's massive fraud scheme, real estate agent Irene Dazzan-Palmer said.

The couple signed the property over to Wells Fargo last spring, and the bank subsequently denied requests to show the house to prospective buyers, Dazzan-Palmer said.

Residents in the gated community told the Los Angeles Times that a woman they believe was Cheronda Guyton took up occupancy at the home in May.

...

Residents said Guyton, along with her husband and two children, often hosted guests at the home, including a large party the last weekend of August.

Read more: http://www.cnbc.com/id/32793442

[47of74]

1. This scumbag should be in prison for a very, very, very long time

As in the rest of his fucking life.

[Xithras]

2. Wow, shall we bring back debtors prisons too?

Her crime, I believe, was using her employers property without permission, and failing to do her job by selling it promptly. She should be fired, and should probably be charged for defrauding her employer, but that hardly qualifies her for life in prison.

[Dreamer Tatum]

10. "His?" Did you read the article at all? nt

[slackmaster]

14. Please at least READ the story before you jump to conclusions

:rofl:

[Zoeisright]

3. Sounds like pretty typical bankster behavior.

These bankers are no different from the mafia.

[NBachers]

4. Everywhere there's lots of Piggies, leading Piggy lives

In their life there's something lacking

What they need's a damn good whacking

[LibDemAlways]

5. Interesting that the neighbors ratted these people out.

Colony residents are nothing if not aware of who their neighbors are. The price of admission is steep and generally affordable only to the super rich showbiz crowd who know each other intimately. The new people on the block obviously didn't fit the profile.

[progressivebydesign]

8. well actually, the neighbor that was kicked out was probably well-known and liked...

.. and it galled their friends and neighbors to see the house turned into a perk for the exec. I would feel the same way had it been my neighborhood. I've been to the Colony, and it's very tightly knit.. this was more about what happened, than who moved in. An execs family would have fit in there.. it was the circumstances.

[MineralMan]

6. Another one joins the ranks of the unemployed,

I imagine. What a moron, but morons abound.

[Gman2]

7. Nice to see rich people caught up in that , you unlucky, you lose everything too.

Now, we can start to confront USURY forthrightly.

[jasi2006]

9. I keep telling you folks that the banks don't lose money on foreclosures.

If they did, this property would have been sold in days. they already have their money from the Fed and more. They could burn down every one of those foreclosures and lose a dime. They just wouldn't be able to make MORE money on the properties.

[flvegan]

24. Jesus, but that's ignorant.

Especially concerning a Florida property.

[SOS]

11. The American financial ecosystem

Predator Madoff kills the prey and feasts on the meat.
Then the Wells Fargo maggots come in to party in the carcass.

"United We Stand!"

[peacetalksforall]

13. Horrible, but perfect assessment. Best two lines written about the cheats, imo.

[quiet.american]

12. With all I've seen, I still wonder how people can live w/themselves doing this kind of thing.

And I have people in my own family that would proudly do the same thing, and explode with faux self-righteousness if they were called on it.

This was so wrong.

[Lance_Boyle]

15. Um, after they forcelosed, the bank owned the house. What's the prob?

The exec may not have had the owner's (her empoloyer's) permission to use the house, but that's between her and Wells. The neighbors should fuck right off.

[Dreamer Tatum]

16. Context matters

The previous owner was a Madoff victim, and the squatter is a bank executive.

If the previous owner was an Enron executive, and the squatter volunteered at a food shelter, there'd be no problems whatsoever.

[Lance_Boyle]

18. context doesn't matter AT ALL here

The previous owner lost the house to the bank, making the bank the new owner. That's your context right there. Doesn't matter why the previous owner couldn't afford the house. They couldn't, they lost it, the bank owned it.

[slackmaster]

19. I'm not aware of any connection between Bernard Madoff and Wells Fargo Bank

Please explain.

[sabra]

20. the previous owner of the house lost their money due to the Madoff scheme

one would assume that is why they foreclosed on their home and Wells Fargo became the new owners

[slackmaster]

21. That's not the kind of connection that would make it morally wrong for WFB to use the property

It's just a coincidence. They would have lost their home if any other party had been the mortgagee.

[atreides1]

23. The neighbors should fuck right off.

Someone comes into a closed community and the neighbors are just supposed to look the other way, especially when the previous owners might have been their friends.

You'd treat your friends that way I guess?

[WriteDown]

17. Is this a teenager?

Reminds me of my highschool years.

[wroberts189]

22. Imagine losing a 12 Million dollar Malibu beach house cause you were conned?

That must have hurt. Glad the guy is in prison.

[flvegan]

25. WFB held fee simple title, and had agreed to keep it off the market.

And?

They can't sell it, and likely the employee may have taken advantage of the deal, but any wrongdoing is between employee and employer. Nothing more.

[Alamuti Lotus]

26. X

feh.

[Blue_Tires]

27. stay classy, Wells Fargo...