The story of a Wells Fargo vice president moving into a Malibu beach house that the bank had foreclosed on has captivated and outraged the nation (judging from the emails we’ve received).
Wells Fargo OWNS the house. That’s what foreclosure means.
Now that Wells Fargo owns the house it can do whatever it damn well wants with it. Including hosting out-of-control Malibu beach parties.
Now, based on Wells Fargo’s quick promise that it is launching an investigation into the matter, we suspect that what really happened here is that the Wells Fargo vice president moved into the house without telling her bosses at Wells Fargo.
If this is what happened, she will almost certainly be canned. (With reason!)
But, again, Wells Fargo can do whatever it wants with the house. It’s Wells Fargo’s house!
UPDATE: And, WOW, what a house! Tell us you wouldn’t move into this thing if your bank foreclosed on it!
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