14 Sep Can’t Make Your Mortgage Payments? Your Bank Doesn’t Mind…It Will Use Your House for Parties!
Watch out, if your $18 million home on the beach in Malibu is turned back to the bank–it might become a “Party House”.
This is what happened to one of the victims of the Madoff pyramid scheme, who lost their home as a result. According to this article on AZCentral.com:
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.
Wells Fargo said that it would conduct a thorough investigation, but wouldn’t “discuss specific team member situations/issues for privacy reasons.”
9/15/09 Breaking News: Wells Fargo apparently didn’t like the sea of negative publicity coming out of this event, and fired the executive involved. Despite its earlier refusal to “discuss specific team member situations/issues for privacy reasons,” this rule apparently doesn’t apply when it’s receiving bad publicity.
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