WFC Brings Suit Against WFC
By: DIANA GOLOBAY
July 17, 2009 10:19 AM CST
It would make for an interesting episode of “Judge Judy.”
Wells Fargo (WFC: 27.87 -1.59%), the holder of both first and second mortgages on a Florida condominium, finds itself in an unusual position in a lawsuit over a foreclosure dispute: as both the plaintiff and defendant.
It’s a bit of news sweeping the financial blogs that sheds some light on the absurdity of some legal proceedings in the financial market.
Procedure requires that Wells Fargo, acting as first lien holder, sue all second lien holders in the case — which, of course, includes itself. And you’d better believe Wells Fargo intends to defend itself vigorously against all of its own claims.
The banking giant hired an attorney to represent its interests as first lien holder, and a separate attorney to defend itself in the position of second lien holder and to deny allegations of Wells Fargo’s complaint.
Here’s to your TARP money hard at work.
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