Why I Didn’t Like Wells Fargo, But Now I’ve Reconsidered

During the Global Financial Crisis in 2009, A Wells Fargo Senior VP, Cheronda Guyton moved into a foreclosed $12 million mansion with her family and hosted extravagant house parties. Meanwhile, her job is to figure out how to profit from foreclosures. But she didn't allow brokers to show the Wells Fargo-owned place because her family was squatting!

Something Has Always Been Up With Wells Fargo

I knew there was something funny a couple years ago, when I was talking to one of their mortgage brokers and the rates he was quoting were 50-100bps higher than everyone else. Bank of America got my business instead. Too bad Ken Lewis was so empire-building driven and panic bought Merrill at the market open, instead of after the close.  What's $25 billion more between between shareholders?

Given we live in bizarro world, don't be surprised if Wells Fargo goes ahead and promotes her to lead up a different department.  After all, Wells Fargo does technically own the foreclosed home, and can do what they will.  Their $60,000/month vacation rental asking price might sound excessive, but not as excessive as Cheronda Guyton not letting anybody rent it out because she wanted to pump up the base herself!

Great to see our $25 billion in tax payer bailout money be put to good use.  Thanks for everything Cheronda.  Tell you what guys, since we are PR experts here at Financial Samurai, why don't you Cheronda donate the $240,000 in lost rental income to the LA firefighter's fund, and ask your employer to match it.  Here's your article with further details.

A Lot Has Changed With Wells Fargo

Since 2009, Wells Fargo was found out to overcharge its retail consumers and open up new accounts unbeknownst to its consumers. Wells Fargo fired its CEO and other C-level executives. Further, it paid huge fines.

Post-pandemic, Wells Fargo seems to be on the up and up. Therefore, I'm OK with doing business with Wells Fargo again.

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Shop Around For A Mortgage

Check the latest mortgage rates online through Credible. Credible has one of the largest networks of lenders that compete for your business. You can get free, no-obligation quotes in minutes. The more lenders compete for your business, the lower your rate. Mortgage rates continue to be near all-time lows. Take advantage. 

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6 thoughts on “Why I Didn’t Like Wells Fargo, But Now I’ve Reconsidered”

  1. Apprenticeoflife

    At least Wells fargo had the good sense of firing her. I hope the foreclosed closers sue the bank and slap her with a civil suit as well. She needs to be in the slammer, what nerve!

    1. Honestly, I think firing her is the most they can do. There might be counter lawsuits from her, which would result in more bad publicity for Wells. Wells just wants to put the controversy to rest.

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