Wells Fargo Fights Bankrupt Alliance Over Loans

Law360, New York (August 27, 2007, 12:00 AM EDT) -- Well Fargo Bank NA has gone after bankrupt mortgage broker Alliance Bancorp Inc., filing an adversary case claiming breach of contract and seeking declaratory relief.

It its complaint, filed Friday in the U.S. Bankruptcy Court for the District of Delaware, Wells Fargo said Alliance and loan servicing company GMAC Mortgage LLC should turn over more than $420,00 in payments sent to them improperly after Wells Fargo purchased loans from the bankrupt company. Wells Fargo is also seeking the turnover of certain loans it purchased, as well...
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