You can't expect a bank that is dumb enough to sue itself to know why it is suing itself.
Yet I could not resist asking Wells Fargo Bank NA why it filed a civil complaint against itself in a mortgage foreclosure case in Hillsborough County, Fla.
"Due to state foreclosure laws, lenders are obligated to name and notify subordinate lien holders," said Wells Fargo spokesman Kevin Waetke.
Being a taxpayer-subsidized, too-big-to-fail institution, it's possible that one of the few ways for Wells Fargo & Co. (WFC: 22.91, -0.34, -1.46%) to know what it is doing is to notify itself with a court filing.
In this particular case, Wells Fargo holds the first and second mortgages on a condominium, according to Sarasota, Fla., attorney Dan McKillop, who represents the condo owner.
As holder of the first, Wells Fargo is suing all other lien holders, including the holder of the second, which is itself.
"The primary reason is to clear title and ownership interest in a property to prepare it for sale," Waetke said in an email exchange. "So it really is not Wells Fargo vs. Wells Fargo."
Yet court documents clearly label "Wells Fargo Bank NA" as the plaintiff and "Wells Fargo Bank NA" as a defendant.
Read on.
2 comments:
This should answer your questions as to by the US Economy is so bad. Banks are the heart of the Economy for the US but when you have dumb people in charge this is what happens. Don't worry idiots are in each area of importance in the US. Try going to your local court and you'll see people looking like dear in headlights when you ask a question. Tip count your money at the back and anywhere else. Most companies hire people who can't count.
Yeah, forget the swine flu. The real pandemic is the tens of millions of stupid people.
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