Still More…You Can’t Make This Stuff Up

Neighbors: Wells Fargo exec. moved into Malibu beach home surrendered to bank by couple  

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.

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. Malibu Colony is about 25 miles from downtown Los Angeles.

Wells Fargo said in a written statement that it would conduct a thorough investigation of the allegations by neighbors, but said it wouldn’t “discuss specific team member situations/issues for privacy reasons.”

Guyton’s home number is unlisted, and attempts to reach her at her Los Angeles office after work hours were unsuccessful.

The bank’s agreement with the prior owner required it to keep the home — a 3,800-square-foot, two-story structure built in the early 1990s — off the market for a period of time, Wells Fargo said in the statement. The bank said it planned to list the property for sale soon.

9 Responses

  1. It has been reported that she has been fired. You think she might be a little pissed off a Wells Fartgo. Maybe she has the dirt on these unethical criminals?

  2. Two class-action law suits involving mortgage pass-through certificates are pending before the US southern district court of New York. The suits were filed on behalf of purchasers of mortgage pass-through certificates issued by Structured Asset Mortgage Investments II and Bear Stearns Asset-Backed Securities. The suits allege the use of misleading registration statements and other information between March 2006 and September 2007. The complaints claim registration statements included false information regarding underwriting standards, property appraisals, loan-to-value and debt-to-income ratios on underlying pools of mortgages.

    “As a result of these misstatements and omissions, the Certificates were secured by assets that had a much greater risk profile than represented in the Registration Statement, and the Nationally Recognized Statistical Ratings Organizations (the ‘NRSRO’ or ‘Ratings Agencies’) assigned superior credit ratings to the Certificates as a result of defendants’ failure to disclose the underwriting defects and appraisal manipulations,” according to a statement by the office of Cohen Milstein Sellers & Toll.

    Cohen Milstein represents the New Jersey Carpenters Health Fund in the case against Bear Stearns, while Couglin Stoia represents the Pension Trust Fund for Operating Engineers in the case against Structured Asset.

  3. This is only one the things Wells Fargo got caught on. I am sure many of you have experience with their so called loan modification programs, which never materialize. Lets do something together.

    We are looking for victims and soon to be victims of Wells Fargo in a class action suit we are putting together. Please contact Robert at admin@charleslincoln.spiritualpatriot.com. or call directly 860-599-5557

  4. Warren Buffett on Wells Fargo
    ‘Banking is a very good business unless you do dumb things,’ says Wells Fargo’s largest shareholder.

  5. I suppose we could find a silver lining. The house is not laying fallow, ignored, falling into disrepair, becoming a blight on the neighborhood inviting code violations and crime.

    The multitude of foreclosed homes in my neighborhood; apparently they must not be desirable targets for the bank’s executives to usurp?

    Lisa E (Pro Se, Florida)
    Lisa Bep @ Gmail . com (remove spaces to email)

  6. this is what i called injustice to real homeowners. let that AVP of wells fargo taste her/ his own medicine. FIRED HER wells fargo. don’t allow this person to enjoy like they own the house.

  7. Somebody needs to get the address so we can look at the Notice of Default, the Notice of Sale, the substitution of Trustee and the assignment. This will tell us if Wells owned the home – or more likely, which Trustee they were allegedly foreclosing for.

    Thanks,
    Dan Edstrom
    dmedstrom@hotmail.com

  8. It don’t pass the smell test, do it?

  9. Oh, c’mon! Since WHEN has a foreclosed upon borrower get to dictate ANYTHING to the likes of Wells Fargo? This “agreement” is pure fabrication, which is nothing new for these scumbag pretender lenders!

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