For MBA degrees, there are Tier 1 programs (8 - 10 top schools) and then all the rest. Assuming you are not getting the degree through the mail ... then don't sweat the fact that you have two degees from the same institution.

When I am hiring, I really do not care where someone went and in some cases prefer a Tier 2 MBA (it comes with less attitude and more desire to work).

If a hiring manager is looking for a Tier 1 school or a particular program it is usually beacuse they went there, they wanted to go there or thier firm has an image that they are trying to project based on their workers (law firms, VC & bankers, consulting firms, etc.) The rest of the world will not care.

Go with the best program for your needs, location and financial situation.