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We consider the problem of simultaneously estimating the phase and polarization angles of a linearly polarized electromagnetic wave. The solution of this problem has applications to space communications and ionospheric probing. The nonlinear stochastic characteristics of a cross-coupled double-loop implementation for the tracker are evaluated using the multidimensional Fokker-Planck equation. The exact stationary probability density is found for a special case of equal signal-to-noise ratio (SNR) in the two loops. The stationary probability density is obtained for a general class of double loops when the two loop bandwidths differ greatly.