Wells Fargo Exec Squats in Foreclosed $12 Million Malibu Beach House
Just when you thought it was a tough time to be a banker comes this heartwarming tale of a bank executive effectively squatting in a $12 million Malibu
Jul 31, 2020672.3K Shares9M Views
Just when you thought it was a tough time to be a banker comes thisheartwarming taleof a bank executive effectively squatting in a $12 million Malibu foreclosure. From The Associated Press:
“„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 told The Associated Press.
It seems that Cheronda Guyton, a senior vice president responsible for foreclosed commercial properties at Wells Fargo, moved into the home in May after the previous owners lost their shirts in the Bernie Madoff scheme.
On Wednesday, another Wells executive, Mary Coffin, told House lawmakers that the banking giant, though a big corporation, “operate[s] with the conscience of a company determined to do what is right for our customers, our investors, and for all American taxpayers.”
Guyton’s actions suggest a different reality. And though it might be an isolated case, Mary this week pointed to a more systemic (and egregious) practice allegedly adopted by a Wells office in California: an alleged policy of lending discrimination in minority neighborhoods.
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Paolo Reyna
Reviewer
Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
In his free time, he loves to travel, watch films, read books, and socialize with friends.
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