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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 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.

Wells stock might be on the rise, but its public image is quickly sinking.

Update: Thanks to reader M.A.M. for sending on a link to amazing photos of the actual house.

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