Wells Fargo Exec Parties in Bank-Owned Foreclosure

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Submitted by Sandiagon on September 11, 2009 - 12:36pm

http://www.cnbc.com/id/32800279/site/140...

-----Is this possible?---------------
The bank stated that it had some kind of agreement with the prior owner to keep it off the market for "a period of time."
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‹ 15 year jumbo interest only CV houses with ~3700 sf sold below 1.05M ›
http://piggington.com/greed_s
Submitted by dbapig on September 11, 2009 - 1:48pm.

http://piggington.com/greed_stupidity_a_...

What's described in the article is wrong.

I read the link. Some pigs
Submitted by Sandiagon on September 11, 2009 - 4:48pm.

I read the link. Some pigs supported the behavior of bank and bank employee. How anybody can support that kind of behavior? Foreclosed house is property of bank not bank employee. It is that simple. These kinds of employees are dangerous to the bank and bank customers. These kinds of employees can do day trading with your check in account money.

The questions are why was she
Submitted by davelj on September 11, 2009 - 5:10pm.

The questions are why was she staying there and what approvals, if any, did she receive?

If she just decided that she could stay there because it was empty, then she should be fired. That's probably the case. However...

If she got approval from higher-ups... then the issue is why they granted her approval. Could an argument be made that there was some value to the bank in having her living there? It's conceivable. But it's a stretch.

Dave: I've heard of certain
Submitted by Allan from Fallbrook on September 11, 2009 - 5:24pm.

Dave: I've heard of certain high-end Realtors and construction companies hiring live-ins to maintain residences while unsold, but this situation, if similar or the same, strains credulity.

First off, why on earth would Wells Fargo place a Wells Fargo employee in the residence? Strictly from a liability perspective, its a potential nightmare scenario.

Add to this the fact that this is a marquee home in a very, very tony neighborhood. While that remark might sound overtly racist, it's anything but. The simple fact is that, if Wells Fargo did indeed hire someone as a live-in and to potentially stage the property, they would have hired "to type", meaning someone who fit the part. They also would have hired someone with the express purpose of helping move the property in conjunction with a Realtor or realty firm, which is contradicted by the bank's assertion that the property would be held from the market for a period of time at the mutual agreement of the previous owners and the bank.

Lastly, when the bank refers to initiating an investigation, something is clearly up and it ain't good.

Nah, this chick is toast. Back to Fairfax, honey, and sans employ.

Allan from Fallbrook
Submitted by davelj on September 11, 2009 - 5:41pm.

Allan from Fallbrook wrote:

Add to this the fact that this is a marquee home in a very, very tony neighborhood.

Nah, this chick is toast. Back to Fairfax, honey, and sans employ.

Exactly. The biggest problem is that it's a very small, gated community, so it's hard to come up with a security-related reason for an employee living there.

If this house were a bit out of the way and an argument could be made that they didn't want the house sitting empty then... maybe. But even that's a pretty big maybe.

But this situation? Agreed. It's likely she's toast.

Wells Fargo fires exec over
Submitted by Sandiagon on September 14, 2009 - 9:18pm.

Wells Fargo fires exec over Malibu house scandal.
http://news.yahoo.com/s/nm/20090915/bs_n...

Sandiagon wrote:Wells Fargo
Submitted by Allan from Fallbrook on September 14, 2009 - 9:27pm.

Sandiagon wrote:
Wells Fargo fires exec over Malibu house scandal.
http://news.yahoo.com/s/nm/20090915/bs_nm/us_wellsfargo_malibu

Saw a similar article in the LAT today. No real surprise in the Wells decision, but I am surprised at the complete lack of judgment and integrity that the employee displayed.

She had to know that word would get back to Wells Fargo at some point. Too much visibility in a community with too much clout.

People get drunk and silly
Submitted by jpinpb on September 15, 2009 - 7:54am.

People get drunk and silly w/power? She had a good thing. Couldn't keep in on the down-low. Has to flaunt it w/lavish parties.

It sounds like those in
Submitted by SHILOH on September 15, 2009 - 11:10am.

It sounds like those in *control" of the property didn't really want it on the market. Maybe someone higher than her wanted to buy it later as the price fell more. This might be a ignorant comment as I don't really understand all the details. This is another example of maddening blood boiling corporate excess.