In an in order to foreclose on a condominium in Florida, Wells Fargo Bank engaged in a surprising new legal manoeuvre. It is suing itself, apparently to gain clear title to the condo so it can sell it.

It response to the suite, Wells Fargo has hired a lawyer. Acting on instructions from the bank the lawyer has denied all accusations.

http://www.foxbusiness.com/story/markets/al-lewis-wells-fargo-bank-sues/

It's always good to see the evil Banks and money-grubbing lawyers excoriated in the same piece of journalism.

But I wonder whether there aren't a few salient facts omitted. Purely for the sake of a good story, you understand.

"As holder of the first, Wells Fargo is suing all other lien holders, including the holder of the second, which is itself"

Reading this, it would indicate that there are in fact other "lien holders".

I'm not suggesting that I know anything about US law, but if you are going to clear the decks to establish clear title, it might be important to demonstrate equitable handling by naming all parties in the single suit.

Which might also explain the Bank's defence.

"'Defendant admits that it is the owner and holder of a mortgage encumbering the subject real property,' the answer reads. 'All other allegations of the complaint are denied.'"

The reporter conveniently doesn't give details of the "other allegations".

But the matter of encumbrance has been admitted. So the suggestion that:

"...wouldn't it be easier for Wells Fargo to release one of the liens to itself? Or pursue some other internal accounting strategy..."

...might in fact have been more expensive to complete, given that their responsibilities would first need to be extricated - by their lawyers - from those of the other lien holders.

In fact, the more I look at it, the more of a journalist's beat-up it appears.

Still, he has his moment of fun, I guess. 'Cos the Bank isn't going to take him to court.

And it has already instructed the lawyers not to return his phone calls, fully aware that they charge in 15 minute increments...

Next, they'll be spending a year dead for tax reasons.

Rusty