Posted on 07/13/2009 6:34:42 AM PDT by GovernmentShrinker
Can you please fix the link. It should be http://www.foxbusiness.com/story/markets/al-lewis-wells-fargo-bank-sues/
I have no idea how that other link ended up there.
Thanks!
Sounds like an internal dispute.Gee,I hope their stocks don’t tank today.
Goofy anecdote:
Rumor is Bill Gates wanted to buy some particular property somewhere. He had an awful time getting the issue sorted out and understanding what the problem was.
Turns out he already owned it.
There is no dispute at all. The law professor quoted near the end of the article sums up the matter:
“This is just folks cranking out paperwork without conscious thought,” said Anthony Sabino, a law professor at St. John’s School of Law in New York City.
Take a look.
Bank hires one group of lawyers to file a suit, AGAINST THE BANK, and hires another group of lawyers to defend the suit.
Stimulus at it's best.
I know.It’s crazy.
Is there a tort lawyer hall of fame? Sounds like either someone is bucking for a niche there, or there is some serious siphoning of ‘recoverybucks’ somewhere...
I had a customer who had an outside provider host their e-mail. They came to work one fine day to find their e-mail server blocked as a spammer. Turned out the outside provider has blocked its own e-mail server (which hosted approximately 20 customers) as a spammer.
I had SUCH a good time on the phone with their tech people when I figured it out. I wanted to tape record the conversation, but its against the law.
Left hand not knowing what right hand is doing, is a fairly common problem, but makes for great humor.
If these Wells Fargo nitwits wanted to buy a property they already owned, I’m sure they’d hire one realtor to sell it and then go through another realtor to buy it.
Seriously, though, as a recent escapee from a large international financial institution, I can attest that the problem of giant financial institutions getting so tangled up in their own massive bureacracies that they end up doing really stupid and expensive things without realizing it, is getting serious enough to do real economic damage. The problem has been getting progressively worse since the Russian debt/Long Term Capital Management crisis in the fall of 1998, and there’s no end in sight.
Each and every one of these outfits has published procedures comparable in volume to the Internal Revenue Code, and whole departments devoted to following specific little sections of the procedures (while remaining completely oblivious to all the others). Even in departments where people are supposed to be analyzing the financial strength of new and existing transactions and deciding whether or not to proceed with the transactions, real analysis has been almost completely crowded out by requirements to force-fit truckloads of meaningless information into preposterous IT systems that satisfy regulators but do nothing at all to protect the institution from financial ruin.
LOL
Usually, when I want to sue myself over title to my property, I just sign a quitclaim deed to myself, we shake hands and save all the court costs.
Actually, this happens all the time. It has nothing to do with the stimulus.
It has to do with clearing title, and if anything, it has to do with a title company objecting to the way the foreclosure was done when the property goes up for sale later.
Attorneys routinely order a title search to do a foreclosure, and follow what the title company says so that later they know they can sell the foreclosed property with title insurance.
So, if the bank shows up as a second mortgage holder, they have to sue the second mortgage holder, and that’s that.
They are digging deep for news, I guess, but this does happen a lot, and it has always been this way during my 27 years of practicing law.
“This is just folks cranking out paperwork without conscious thought,”
There’s a good description of government efficiency.
Sounds like they’ve been watching too many Coke Zero commercials.
Any mortgage holder can voluntarily release a lien. For a bank, this simply involves writing off the “asset” before suing itself, rather than afterwards.
Anyone interested in property can release their interest. But bigger than the law, and bigger than all of us, is that old rule: “It’s our policy.” And if the title company says we want it this way, you do it their way.
This is not to mention that their may be no one in the bank who will sign such a release (try and find the person who will do this and the whole foreclosure could be over before that person will do it), or it might be another division of the same ‘bank’, or there might have been any number of variables that made the foreclosure this way.
It just ain’t that unusual.
OUCH—I said ‘their’ instead of ‘there.’ Shame. Hangs head.
IN THE CIRCUIT COURT OF THE FIFTEENTH
JUDICIAL CIRCUIT IN AND FOR PALM BEACH COUNTY, FLORIDA
CIVIL ACTION
S02008 CA 0 149 87XXXXMBAW
Washington Mutual Bank f/k/a Washington Mutual Bank FA,
Plaintiff,
vs.
DANIEL Fernandez DE CORDOVA; THE UNKNOWN SPOUSE OF DANIEL FERNANDEZ DECORDOVA; NORMA FERNANDEZ DE CORDOVA; THE UNKNOWN Spouse OF NORMA FERNANDEZ DE CORDOVA; THE ROYAL POINCIANA Property OWNERS ASSOCIATION, INC.; WASHINGTON MUTUAL BANK f/k/a Washington MUTUAL BANK, F.A.; ANY AND ALL UNKNOWN PARTIES Claiming by, THROUGH, UNDER, AND AGAINST THE HEREIN NAMED INDIVIDUAL DEFENDANT(S) WHO ARE NOT KNOWN TO BE DEAD OR ALIVE, WHETHER said UNKNOWN PARTIES MAY CLAIM AN INTEREST AS SPOUSES, HEIRS, Devisees GRANTEES, OR OTHER CLAIMANTS; TENANT #1,TENANT #2, TENANT #3, TENANT #4 the names being fictitious to account for parties in possession0
Defendant(s)
So, this is entirely ordinary, could be found in thousands of pending and past foreclosures here in Florida in the past 2-3 years. How this rates as "news" is beyond me.
By slight extention, this is exactly how the “credit default swap” problem arose and almost destroyed our economy. Business A paid business B to pay off C’s debt if C defaulted (on the surface, a reasonable capitalistic bit of insurance) ... problem was A, B and C didn’t realize B ways paying C to cover A’s debt, and C was paying A to cover B’s debt - a house of cards which started crashing down when one defaulted. Nobody knew who owed who what, and each company was basically insuring itself against its own credit default, a losing proposition considering how all were intertwined.
So, between implementing massive non-sequitur requirements and pursuing loopholes, big companies are pulling their own feet out from under them.
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