Wells Fargo sues itself

[lalaland42]

Wells Fargo is the primary lien holder of a condo in FL. It is suing all other lien holders of the condo, including the holder of the secondary mortgage, which is... Wells Fargo. Both parties hired lawyers in FL to defend against the allegations, so I guess all the bailout money goes to lawyers.

http://www.calculatedriskblog.com/20...rgo-wells.html

[lovebug]

Oh the crazy banks!

[lunamama]

Did Wells Fargo get any bailout money? I thought they didn't.

[lalaland42]

Yes.

Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds - the biggest amount awarded in a single shot: $25 billion tax dollars.

http://www.cbsnews.com/stories/2009/...n4788018.shtml

[lunamama]

Oh wow, I dodn't realize. Thanks!

[KateKat]

Originally Posted by lalaland42

Wells Fargo is the primary lien holder of a condo in FL. It is suing all other lien holders of the condo, including the holder of the secondary mortgage, which is... Wells Fargo. Both parties hired lawyers in FL to defend against the allegations, so I guess all the bailout money goes to lawyers.

http://www.calculatedriskblog.com/20...rgo-wells.html

This kind of thing happens all the time with huge companies. It's not that big a deal. They're suing themselves because they're suing the other lien holders. In the end, any monies received will just be transferred from one balance sheet to another.

[lalaland42]

Except for the money that goes to the lawyers for each "side". And it looks like Wells Fargo is contesting the facts of the complaint so that can get to be lots of $$ for the lawyers.