I Feel Dizzy! Oh, So Dizzy!

…This was best highlighted by an event that generated plenty of late-night chuckles last fall, when Wells Fargo sued … Wells Fargo.

Wells Fargo wanted to foreclose on a condo unit which had multiple mortgages attached to it. Wells Fargo also owned one of those second mortgages. So Wells Fargo spent money to hire a law firm and file suit against the irresponsible lenders at Wells Fargo. Then, Wells Fargo spent money to hire a different law firm in an understandable effort to defend Wells Fargo from the vicious legal attack coming from Wells Fargo. The second law firm even prepared a legal statement for Wells Fargo which called into question the dubious claims being made by Wells Fargo. Sadly, Wells Fargo won the case, crushing the hopes of Wells Fargo.

So will you. Along with “horrified”…”aghast”…and “pissed off beyond all recognition”.

The foreclosure stoppage isn’t the simple little muddle they’d have you believe on the evening news.

8 Responses to “I Feel Dizzy! Oh, So Dizzy!”

  1. Mr. Bingley says:

    “I think it’s safe to say that 95% of the foreclosure cases in Florida involve some form of fraud on the part of the bank,” David Goldman of Apple Law Firm, PLLC told The Daily Caller in a phone interview. “It’s probably closer to 99%. And the court system is helping them get away with it.”

    If the fraud rate is 99% then I would suggest that it isn’t “fraud” but rather “SOP”.

  2. major dad says:

    Being in a front row seat watching this foreclosure mess here in Fl. I would say Mr. Goldman is,IMHO, full of crap. A big number of these people in trouble have but one person to blame and they look back at them in the mirror every morning.

  3. Yojimbo says:

    Personal responsibility isn’t going to pay his student loan for law school.

  4. joe says:

    Major, that’s not what the article is about. A court will only rule that I owe you money if you have something official stating that I owe you money. Banks destroyed the “something official,” and they did it on purpose. Now the flaws in MERS are being revealed, and banks have nothing at all to prove that people owe them money. The fact that the bank gave homeowners money to buy a house isn’t enough, because the mortgage has been bought and sold so many times that nobody knows WHICH bank is ultimately supposed to receive the money. A court ain’t gonna rule that you or I owes a bank picked at random. That’s not how the law works, and judges are finally wising up to the fact that that’s how they’d have to rule to maintain these mortgages.

    It doesn’t matter if Bob the Burger Flipper bought a McMansion. There’s no way to prove that Bob owes Bank of America, or Chase, or JP Morgan, anything at all. None. Like the CEO in the story said, the banks are screwed. Completely, utterly, pants-wettingly screwed. And they know. They’re just trying to pretend that they don’t.

  5. major dad says:

    joe, no argument there but what I was saying is that a lot of these people got into this mess by there own making. That the banks screwed up is really beside the point in my opinion, you shouldn’t get a house for free just because of some screw up.

  6. Skyler says:

    Wow, long article. One of the most frightening things I’ve read about our economic system — ever.

    If there is no trust in the rule of law, the system is broken. I thought it was bad enough that we were printing money and borrowing trillions. Now with no rule of law and no ability to collect on debts, we are truly, truly doomed.

  7. libarbarian says:

    Major Dad,

    Yeah,and a bank also shouldn’t get a house for free just because the home owner screwed up. It should go to the REAL OWNER – whatever bank that is – and not just to whatever bank can forge the papers first!

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