Wells Fargo is suing itself to clear title on a property in order to foreclose on it; as the first mortgage holder, it must sue all subsequent mortgage holders, including the second mortgage holder...Wells Fargo!
The condo owner's attorney, Dan McKillop, suggested that the reason had to do with paperwork. While a lender could avoid suing itself as a lienholder by just releasing the lien after the foreclosure, that apparently involves an extra step or steps, which end up making it easier and faster for the bank to sue itself. That may be -- I don't pretend to understand this area of law -- but generally it is against the rules to file a complaint that you know cannot succeed (for example, because you can't recover against yourself), even if it may come in handy for some reason. Maybe this is in fact a clever strategy, or maybe, as a professor quoted by FOX Business suggested, "[t]his is just folks cranking out paperwork without conscious thought."
Financial Crisis Comes Full Circle As Bank Sues Itself
Such graceful dogs. “Frank face planted and Skippy tried to imitate a cat but to no avail.”
“Hey. Are you coming, or what?”
Who among us has not tried to come up with a novel technique for escaping the consequences of our own foolishness?
Despite government legislation and improving caller ID technology, robocalls and scam artists are rampant on the phone lines – up to 35 billion a year in the US alone. They can be annoying at best and a financial threat at worst, but there’s a way to take security into your own hands. One good example […]
If you’re a Mac user, you thrive on simplicity. Everything in its place and a place for everything. Unsurprisingly, there’s a ton of great organizational apps out there for Mac, and now someone’s had the great idea to bundle them all together. Whether you’re running a demanding business or just getting through the day to […]
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