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alstry (34.98)

Insolvent Bankers Taking The Homes Of Insolvent Citizens

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September 11, 2009 – Comments (3)

GET READY....9.09 IS JUST GETTING STARTED!!!!!  AT SOME POINT, YOU TOO WILL GET ANGRY JUST LIKE ALSTRY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

MALIBU, Calif. (AP) -- A Wells Fargo & Co. 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 they obtained Guyton's name from the community's guards, who had issued her a homeowner's parking pass.

Residents also wrote down the license plate number of a 2007 Volvo sport-utility vehicle they say was parked in the home's garage. A check of state motor vehicle license plates by the Times found the vehicle was registered to Guyton.

Guyton is a Wells Fargo senior vice president responsible for foreclosed commercial properties, resident Phillip Roman said.

"It's outrageous to take over a property like that, not make it available and then put someone from the bank in it," said Roman, who lives a few homes away from the property.

http://finance.yahoo.com/news/Neighbors-Exec-moved-into-apf-818362254.html?x=0&sec=topStories&pos=5&asset=&ccode=

EVIL TRIUMPHS WHEN THE GOOD DO NOTHING!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

IF YOU THINK IT'S "BAD" NOW.......YOU AIN'T SEEN NOTHING YET!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

How do you think the cash strapped blue collar workers and screwed bond holders feel about taxpayer bailed out GM white collar workers all getting their paycuts reinstated as the company is giving away cars to generate sales?

How do you think legitimate business owners feel about being forced to compete with Wall Steet subsidized swap induced zombie money losing businesses......as Wall Street cuts off the line of credit to legitmate business.

How do you think credit card holders feel who have seen their interest rates jacked up to obscene rates by insolvent taxpayer bailed out banks???

And that is just the beginning in 9.09 my friends as we the people no longer have enough money to satisfy our government's consumption needs.

3 Comments – Post Your Own

#1) On September 11, 2009 at 1:56 PM, jason2713 (< 20) wrote:

I agree with you, it has to stop somewhere.

The level of corruption going through the US is nuts.  But as long as the market goes up, no one cares and they look the other way.

The gov't is using the "whatever it takes" attitude.  It doesn't matter who/what they step on to get it done.  Unbelievable.

 

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#2) On September 11, 2009 at 2:21 PM, GNUBEE (27.13) wrote:

OK, in an area with multimillion dollar homes that you (you being the bank) own. Are you going to allow it to appear to be an unoccupied forclosure, or will you put a "warm body" in it so everything appears normal, then try to sell it without raising too many eyebrows when prices have increased again?

Not saying your landgrabbing "banksters", or my live in note holder is exactly the case, but c'mon investigate more than just throwing up "they are stealing people's houses"

The Previous owners were not allowed to sell it for a period....due to low prices maybe? So why would the bank take posession, then put it up in a depressed market? PO's couldnt pay for it, so they gave it back. It belongs to the bank, always did. So why are you or anyone so interested in what the bank does with it?

Anyway, Who attended these parties? Was it a WF function? Were these parties used to generate interest in the house to prospecitve buyers? these are the questions you or AP is not asking. An in all fairness should be to provide both sides, you know...... real reporting.

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#3) On September 11, 2009 at 3:02 PM, alstry (34.98) wrote:

Nobody said they are stealing people's houses...simply both parties are insolvent and one gets preferrential treatment.....seems like unfair bargaining to me.

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