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Location: Sitting inside a TV truck, Somewhere, more then likely in the Southeastern region, United States

I am a grouchy, bald headed old fart filled with opinions and not the least bit shy about sharing them.

Tuesday, July 14, 2009

Wells Fargo sues itself.

St. Louis, MO - Under the heading of "stupidity knows no bounds" we have a Fox Business Channel web site story about how Wells Fargo is suing itself in a foreclosure matter.

No, really. I'm serious. Read on…

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.

Fox Business Channel, Al Lewis: Wells Fargo Bank Sues Itself

Not only that, but Wells Fargo has engaged council to represent both sides of the argument.

Wells Fargo hired Florida Default Law Group., P.L., of Tampa, Fla., to file the lawsuit against itself.

And then Wells Fargo hired another Tampa law firm -- Kass, Shuler, Solomon, Spector, Foyle & Singer P.A. -- to defend itself against its own lawsuit, according to court documents.

Wells Fargo's defense lawyers even filed an answer to their client's own complaint.

"Defendant admits that it is the owner and holder of a mortgage encumbering the subject real property," the answer reads. "All other allegations of the complaint are denied."

Fox Business Channel, Al Lewis: Wells Fargo Bank Sues Itself

You just can't make this stuff up. No one would believe it.

And people wonder how banks could have been so stupid as to buy up all that sub-prime paper…


Bankers - pillars of society who are going to hell if there is a God and He has been accurately quoted.
- John Ralston Saul

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