04-10-2012 09:35 PM
WASHINGTON -- Bank of America is suing itself for foreclosure.
"It's crazy," housing data analyst Michael Olenick told HuffPost. "They shouldn't be suing themselves."
Banks have been caught suing themselves before. In 2009, Dow Jones columnist Al Lewis uncovered a case in which Wells Fargo had sued itself in connection with a foreclosure in Florida's Hillsborough County. The bank owned both the first and second liens on the property and ended up hiring two separate attorneys to deal with the snafu -- one to bring the lawsuit and another to defend itself.
04-11-2012 02:59 PM - edited 04-11-2012 02:59 PM
Nice !! Next I would expect that they slash their own credit limits or start closing their own cards....
04-12-2012 08:09 AM
IMHO a ploy to be able to raise fees sighting legal issues.
+1. The attorneys have to love this, as long as BoA is paying the bills......
04-15-2012 06:20 PM
The article is pure tripe. And for that matter, whenever you hear the phrase "robo signing" the article is most like tripe and you should check out their agenda.
It turns out, according to the linked article in the article that in some states the primary leinholder needs to sue the sub-ordinate leinholder(s) to complete the foreclosure:
"Due to state foreclosure laws, lenders are obligated to name and notify subordinate lien holders," said Wells Fargo spokesman Kevin Waetke.
Yup, it's still funny that BofA sues itself, but it's no different than if BofA sued any other bank to clear out the subordinate lien(s).
04-20-2012 10:05 PM
This is funny, unfortunately the person who got foreclosed with is probably paying for all this nonsense eventually.
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