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Bank Of America Sues Itself???

| Filed under: Icky Icky PooLegal MattersBusiness Blitz

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This one makes our heads hurt!

In some crazy, bizarre and just plain weird news - Bank of America has reportedly sued itself for foreclosure 11 times since late March.

Uhhh, what????

In one case BofA seeks to foreclose on a condominium, but lists BofA as the defendants in the suit.

In other words… They're suing themselves!!!

A BofA rep responded:

"We are servicing the first mortgage on behalf of an investor and we own the second mortgage. Naming the second-lien holder in the suit is necessary to eliminate the junior interest.”

Oh, well when you put it that way…

No that does not make sense!

How can a company sue itself???

We feel like we’re in some Inception movie or something…

Many analysts believe examples such as these highlight what is so wrong with “roto-signing” today. Employees who work at big banks deal with so much paperwork nowadays that they don’t even notice these issues before sending them to court.

BofA vs. BofA. Who would’ve thought???

[Image via WENN.]

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3 comments to “Bank Of America Sues Itself???”



  1. 1

    As brasilians use to say:"Aí tem"!

  2. Jackie says – reply to this


    2

    This is common practice. It's in a Chancery court not a Civil court, so it's not technically "suing" itself. When a property value is worth less than the first mortgage on the property, it's pointless to try to recover money from the 2nd mortgage for equity credit line. Statutorily a bank is required to name as Defendants all people with an interest in the property subject to foreclosure; therefore, requires the bank to name itself if it has a 2nd mortgage on the property. Complicated? Yes. Common Practice? Yes.

  3. Charles Harper says – reply to this


    3

    Maybe Bank of America is trying to find the new ways to profit other than done with bail out money by refrauding again by using their insurances money to give for itself