Cheronda Guyton was living the high life in a $12 million 3,800 square foot beachfront house in the exclusive enclave of Malibu County. The home Guyton and her family resided in was the scene of many lavish galas that lasted well into the night.
Neighbors wondered how a Wells Fargo bank VP could afford the beachfront property's $60,000 a month rent on her salary -- even with bonuses.
The problem is the Senior Vice President in charge of foreclosed properties at Wells Fargo, wasn't renting or buying the posh home.
The previous owners, who lost money in the Bernard Madoff Ponzi scheme, turned the home over to Wells Fargo bank to pay off a higher debt.
The bank agreed not to sell the home so the owners could align their debts and get it back. Guyton and her family moved in shortly thereafter.
According to the LA Times, Wells Fargo last week announced Guyton's termination for the executive's alleged personal use of the home owned by the bank.
Wells Fargo announced it would "take decisive action" against any employee "who may have violated Wells Fargo's policies." The bank in a statement also said it regretted "the disruption to the neighboring property owners since these allegations were made."
Many real estate agents contacted by The Times expressed surprise and said they had not heard of similar incidents.
An agent with Keller Williams Realty, told The Times she was "appalled" by the alleged conduct and what appeared to be an obvious abuse of a position.
But one agent, Farrell "Burt" Bakman of Coldwell Banker in Beverly Hills, believes Wells Fargo knew about the illegal home squatting. He said he saw no problem with a lender using a property "as some sort of a bonus" for their executives.
"It makes sense," he said. "It's thinking outside of the box for Wells Fargo. They just hold on to it as an asset."
Last year it was NeNe Leakes and her bogus real estate guru husband Greg. This year it was faux fashion designer wannabe, Sheree Whitfield, and now it's Lisa Wu's turn to face reality after faking prosperity on a fake reality show.
According to TMZ.com, Lisa Wu Hartwell and her husband, former Oakland Raiders linebacker Edgerton Hartwell, lost their multi-million dollar Duluth home to foreclosure.
Apparently, the Hartwells got into their home using one of those creative financing deals that were so popular years ago when the housing market was booming. But then the housing bubble burst and the Hartwells were forced to plead with their mortgage lender to restructure the deal. But if they read the AJC business section (since they're all up in it) then they should have known that bankers aren't trying to hear that these days: they want their money.
The Hartwells bought the plush mansion for $2.9 mil in 2007, but the bank lost a cool mil when it was resold this month for $1.9 mil. So the Hartwells have now moved on to much smaller rental digs, and hopefully Ed is looking for a job to help pay the rent or we'll be talking about them again when they get evicted.
Flamethrower Dwight Eubanks gives NeNe Leakes a lesson on the art of bottle poppin' in this short clip from the 2nd season of RHOA.
The scene opens with NeNe showing Dwight her newly leased or rented digs that she was able to afford with a portion of the $168,000 check she got from Bravo (I hear she blew through that check and the money is gone now).
While watching this clip, a thought occurred to me that I could be living large like a fake millionaire as well.
There are so many foreclosed mansions and mini mansions in the Atlanta area that are just sitting there empty. I bet I could rent a 5,000 sq. ft. crib like NeNe's for less than $1800 a month. I'm going to look into that.
The Harper family is back in the news again. In 2005, Milton and Patricia Harper of Lake City, Georgia were the recipients of a mortgage-free $450,000 two-story turreted McMansion courtesy of ABC's Extreme Makeover: Home Edition.
But just 4 years later, the home is in foreclosure for the 2nd time, and is scheduled to be auctioned off in Clayton County this Thursday (3/5).
The last time we wrote about the Harper family's home going into foreclosure in 2008 we were sympathetic.
Milton Harper and his wife Patricia, a stay-at-home mom, have three sons, who, in 2005 ranged in age from 8 to 17.
Each time it rained, the family was driven out of their home at 5489 Ahyoka Drive in Clayton County by raw sewage backing up into the house due to a malfunctioning septic tank. The Harpers were forced -- so they say -- to sleep in the family van.
The Harper's "Makeover" home was the largest such project undertaken by Extreme Makeover: Home Edition at the time. It took 1,800 volunteers six days to construct the McMansion costing $450,000 in materials and labor.
The 5,500 sq. ft. home boasted 4 bedrooms, a music room with eight turntables and recessed lighting, 4 fireplaces, a home office for Milton's home-based security business, a solarium for Patricia's plants, and a three car garage. Watch video.
In addition to the free mortgage, the Harpers were given $250,000 tax free by Atlanta home builder Beazer Homes to cover college scholarships for the children and to pay their annual property taxes for the next 25 years.
Traders on the floor at the NY Stock Exchange booed Barack Obama today as a red faced CNBC reporter yelled, "president Obama, are you listening?"
CNBC anchor Rick Santelli raged at Obama and his administration for what he feels is the government "promoting bad behavior" through its $75 billion mortgage plan.
How about this president and new administration, why don't you put up a website to have people vote on the Internet as a referendum to see if we really want to subsidize the losers mortgages or would we like to at least buy cars and buy houses in foreclosure and give them to people that might have a chance to actually prosper down the road and reward people that could carry the water instead of drink the water!
The traders booed lustily when Santelli asked, "How many of you people want to pay for your neighbor's mortgage that has an extra bathroom and can't pay their bills? Raise [your] hand!"
Stocks tumbled another 260 points by lunchtime today bringing the Dow Jones Industrials closer to its bear market low of 7449 that was hit on Nov. 21 after Barack Obama was elected president.
Since Nov. 4, 2008, the DJIA has tumbled more than 2,000 points.
Tomorrow, Obama is expected to announce a plan that will force lenders to lower payments for homeowners who fell behind on their mortgage loans and are at risk of foreclosure.
According to the NY Times, "the plan, to be announced Wednesday, is expected to include government subsidies for reducing a borrower’s interest rate, which a lender would have to match with its own money."
How can lenders match the rates with money they claim they don't have?
Guess who's going to end up paying for all those bad mortgages in the long run?
Obviously Obama thinks that those of you who are hard workers and pay your bills on time won't mind footing the bill for the ones who purchased homes they knew they couldn't afford.
This is called redistribution of wealth. Well, you said you wanted Change.
Comments Off on Video: Woman Prays To Obama, Gets a House
Henrietta Hughes and her son lived in their pick up truck for "over a year" until that fateful day (yesterday) when she attended a Barack Obama town hall meeting -- in the front row no less.
Henrietta took the mic to tell Barack how homeless she was and to make a plaintive plea for a home, and a car.
Now Henrietta and her son are homeless no more. Henrietta and her son have a $150,000 home rent free -- thanks to the generosity of an Obama supporter, who just happened to have a $150,000 house laying around!
There is simply no truth to the rumors that Henrietta was a plant and that this was all pre-arranged for the media.
And even if it was pre-arranged, don't all politicians (and fake faith healers) have plants in the crowd?
Fantasia is disputing rumors that she lost her mansion to foreclosure:
Fantasia Barrino says reports she's about to lose a house are hogwash.
Reports say the "AI" winner is about to lose one of her homes in Charlotte, NC: She bought the 6-bed, 6,000-sq. ft. mansion back in 2007 for $1.3 mil (not a misprint) but couldn't keep up on payments. So the county will be auctioning off the house on January 12, 2009 unless she ponies up. She's also got another house nearby.
A relative of the singer tells the New York Post the whole thing is just a misunderstanding and she couldn't make a court hearing to address the issue, and her lawyer didn't immediately comment. (Source)
By the way, Fantasia also owns a cute pad here in Atlanta. But it isn't clear why she continued to stay at Young Dro's place when she had her own crib. I'm told Fanty is not a very good housekeeper. When limo drivers went to pick her up from his place they reported clothing and shoes strewn everywhere.
Dro and Fanty no longer date. I guess all those rumors about Dro and other women were true. My apologies to my loyal reader who tried to tell me what was up with Dro and her female friend, but I didn't believe her.