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Friday, September 11, 2009

Bandos at the Beach and other Foreclosure Stories

by Calculated Risk on 9/11/2009 02:00:00 PM

Bando: Someone who lives in an abandoned home.

Here are photos of the property.

From the LA Times: Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple, neighbors say

Bernard L. Madoff's massive fraud stunned some of the wealthy denizens of Malibu Colony, especially when a couple devastated by the scheme surrendered their oceanfront home to Wells Fargo Bank.

But some neighbors say the real shocker came when they saw one of the bank's top executives spending weekends in the $12-million beach house and hosting eye-catching parties there. What's more, Wells Fargo spurned offers to show the property to prospective buyers, a real estate agent said.
Contrast this to the following Reuters story: Eviction patrol heats up on U.S. foreclosures (ht Ken)
[D]eputies enforcing home evictions in Anaheim find mold, backed-up plumbing, marijuana crops, abandoned grandparents and the occasional suicide.
One common task these days is serving eviction notices to people who have done nothing wrong -- who rent properties that have fallen into foreclosure, or are repossessed to recover unpaid debts.

"They are shocked and surprised," [Orange County Sheriff's Deputy Ramona Figueroa] said as she went on her rounds. "And here I am giving them a five-day notice and they explain that just five days earlier the homeowner was at the home collecting rent."

With 17,000 homes going into foreclosure in this Southern California county in the first half of 2009, Figueroa has found her caseload in the last year getting heavier and harder to bear.