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Resist the Corporate State

Humor in all the wrong places

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bankersWhile many of those trying to be funny only manage to be vulgar or infantile, today’s funny comes from – believe it or not- the banking sector:

Al Lewis: Wells Fargo Bank Sues Itself      FoxBusiness

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: 24.67, n.a., n.a.%) 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.

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Written by laudyms

July 13, 2009 at 9:32 pm

Posted in Economics, Whimsy

Tagged with , ,

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