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HeadSet
2009 Sep 14, 10:52am
HeadSet
2009 Sep 14, 10:52am
Interesting take on the "rest of the story!"
This same beach house that was on ABC news. The point of the ABC News story was to condemn the Wells Fargo exec who used the forclosed home for her private party. ABC also said the home was kept of the market, but said nothing about "by prior owners request." In fact, ABC slanted the story to make the viewer think compassionately of the owners as innocent victims of the Madoff scam, with the further insult of seeing thier former home abused.
Look at this:
Wells Fargo Fires Exec Who Partied In A Foreclosed Malibu Pad
http://www.businessweek.com/the_thread/hotproperty/archives/2009/09/wells_fires_exe.html
"
The 3,800 square foot, beach front home had been owned by a couple who lost their money with scamster Bernie Madoff. It was valued at $12 million when it was taken back by the bank in May.
Malibu Mayor Andy Stern, who also happens to be a real estate agent, told Reuters that the house could lease for $150,000 a month.
Wells says the house was kept off the market under an agreement with the prior owners."
1. So prior "owners" had a 12 mil. house they could not afford and which was under water. They blame Madoff, who paid them 10+% on their "investment" for their insolvency. LOL
2. "Malibu Mayor, who also happens to be a real estate agent..." LOL
3. claims that $12mil house may be rented out for $150k/month, i.e. price to rent ratio = 80. What a scam.
4. The best is: bank that already had foreclosed on this house gets into agreement with prior owners to keep it off the market.  I think they hope that taxpayers will cover their "losses" in that Madoff scheme.
Also take a look at that kitchen full of cheap gadgets.
#housing