A Senior VP from Wells Fargo was holding parties at a foreclosed Malibu California home. Wells Fargo, which received $25 billion in government bailout money last October, was criticized earlier this year for planning events at upscale Las Vegas hotels for top mortgage employees. Now the parties are at a Malibu beach home.
Cheronda Guyton, who had been responsible for Wells Fargo's foreclosed commercial properties, used the 3,800-square-foot beachfront house on Malibu Colony Drive on weekends for parties, one of which had guests arriving on a yacht, the Los Angeles Times reported, citing neighbors.
Wells Fargo release a statement saying, "We deeply regret the activities that have taken place as they do not reflect the conduct we expect of our team members."
Some interesting questions arise about this incident is how did she get access to the property? How many parties was she throwing and for how long after the Bank acquired the property in May of 2009.
The fact that a Senior Vice President thought nothing of using this house for her own personal use is just astonishing. I'm surprised she just didn't move in. Nothing like having a someone else pay the mortgage while you party.
So here the part where I tell you about myself. Nothing too exciting. I have been in various aspects of the Mortgage industry for the past 20 years.
From running offices, multiple offices, regions, overseeing Underwriting and productions from both Banker and Broker sides. I have seen many cycles and
expect to see more.
