Recession not all bad, just ask Cheronda Guyton

While the mortgage crisis has devastated people across the country, pushing some of the middle class into foreclosure and forcing the closure of many banks, a Wells Fargo exec had a pretty rockin’ summer because of it.

Cheronda Guyton is a top level executive at Wells Fargo overseeing foreclosures- an event that is probably one of the most heart-wrenching days in the lives of many people. But she didn’t let that get her down. When a Lawrence and Linda Elis- whose mortgage was through Wells Fargo- lost much of their fortune due to Bernie Madoff’s ponzi scheme, Guyton didn’t let their vacant home sit vacant for long.

Throughout the summer, Guyton is accused of spending weekends there and throwing lavish parties in the gated beachfront community. What’s more, it’s said that in the months in which Guyton used the bank owned home as her personal playground, Wells Fargo outright refused to show the home to people who might actually pay for it. As you likely know, vacant homes affect the value of surrounding houses. Neighbors were understandably displeased with the situation. An expert in business ethics commented to the LA Times on the scandal:

“For a business to allow this to happen in today’s ethically charged climate is quite suicidal,” he said. And because Madoff’s fraud was the root cause of the situation, he added, “it’s like rubbing salt into the wounds of a national tragedy.”

The LA Times report that they surprised a woman at the home on Labor Day Weekend, but could not confirm it was Cheronda Guyton as she refused to answer the door. However, they also report that Guyton was audacious enough to request a homeowner’s pass to enter the gated community over the past few months and the information on the pass matches the registration of Guyton’s 2007 Volvo SUV.

There is a page set up to showcase the house at 106malibucolony.com, with many more pictures of the $12m beachfront home.

[Source: LA Times]