Tag Archives: Wells Fargo

Beleaguered bank sues itself

Wells Fargo BankProof (if such were needed) that the financial sector is utterly batshit insane: Wells Fargo is suing Wells Fargo over a condominium mortgage.

Being a taxpayer-subsidized, too-big-to-fail institution, it’s possible that one of the few ways for Wells Fargo & Co. 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.

If you tried to write that into a story, people would think you were doing satire. The truth really is stranger than fiction. [via SlashDot; image by TheTruthAbout]