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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.
Originally posted by OneDivided
Actions like this should not be tolerated, but then again we have no choice but to support it
It's no wonder many Economists think we are destined to crash a again. We haven't learned anything and the parasites are still feeding off of the corpse.
Originally posted by Karlhungis
It is disgusting that these bank execs are able to pull off a stunt like this but considering the level of fleecing that they just pulled on the entire country, squatting in a house is a drop in the bucket if you ask me.