As a real estate broker, I deal with lenders on a regular basis. Some of them drive me insane. They do things like take 12 weeks to decline a short sale offer of $245K, only to foreclose on the home and list it for sale at $190K.
My grad school finance course didn’t cover this sort of thought process.
The latest in “What the hell are they possibly thinking?” comes from Wells Fargo, a lending institution we’ve dealt with many times and have had experiences ranging from barely acceptable to utterly ridiculous.
But this has got to top the list of “Idiotic Things a Bank Has Done” ”“ which is not exactly a short list.
Yes, you read that correctly. Wells Fargo is suing itself.
Why they’ve even hired one set of attorneys to represent them and another law firm to defend them. Against themselves.
The best line in the article is the conclusion:
It takes some pretty shameless lawyers and a rich culture of corporate stupidity for a company to sue itself. I hope Wells Fargo loses this case and ends up having to drag itself all the way to the Supreme Court.