No Friend to the Banksters… Attorney Nick Wooten – A Mandelman Matters Podcast

If I have to introduce Alabama foreclosure defense attorney Nick Wooten to you, then you’re not much of a foreclosure crisis news junkie, because Nick has made headlines for his lawsuits against the banksters on behalf of homeowners as much as anyone, and a lot more than most.  Most recently Nick was kicking the crap out of LPS or Lender Processing Services, but he’s also leading a coordinated attack against MERS, and recently he won a very high profile case in Alabama, Horace v. LaSalle Bank, in which the judge agreed with his argument that the note was not properly endorsed and negotiated into the trust and therefore the trust could not foreclose.

According to Nick, Judge Albert Johnson had recently been assigned to learn a great deal about securitization so he could deal with an unrelated matter having to do with a defaulting bond, so he knew a lot more than today’s judges, and in addition, the Pooling and Servicing Agreement in the case was very specific, which made it easier to establish that its rules were not followed.  According to the judge’s order… “… the endorsement chain … does not comply with that required by the PSA.”   He granted summary judgement and permanently enjoined LaSalle from foreclosing on the property.

Nick has been suing LPS for something like three years now, mostly for their illegal fee splitting scheme with foreclosure mill lawyers, and LPS has been on the ropes for some time.  Personally, my money’s on Wooten… I’m hoping for a KO, but I’ll take the technical decision… either way, LPS is not getting away from Nick without taking some fatal blows.

Nick is a graduate of Max Gardner’s Boot Camp… a star pupil to be sure.  I’ve gotten to know Nick over the last couple of years and he’s flat out one of my favorite people on the planet.  We’ve been talking about doing a podcast for a few months now, but between his schedule and mine, it wasn’t easy.  But, I caught up with him late the other night, around 11:00 PM his time… he was in New York City at a hotel and meeting with a group of investors… potential clients… the next day.  By the time we hung up, it was almost 2:00 AM… and I’d tell you what he is planning to sue a servicer for, but its on the podcast and he’s so much fun to listen to, I’d only spoil it.  I will tell you this… I bet you haven’t heard about it before…

OH, ONE MORE THING… This podcast is rated:

There’s nothing really bad in it, just a small amount of off-color language, the ‘F’ word is used once, but is said softly at a very appropriate moment, so I can’t imagine it would offend anyone.  But, just in case… if that would offend you… well, you have been warned.

Okay, enough small talk… click ‘PLAY” and get ready for a Mandelman Matters Podcast with Attorney Nick Wooten!

And a huge hat tip to MM reader, Jake, for sending in this index to the podcast.

3:15….Intro…The Discovery of Foreclosure Defense

7:15….”You didn’t make your payment” vs. “The Gospel of the Free House”

16:00….The Foreclosure Cartel

22:00….Theft for Profit in a Broken System

34:00….The Tranche Scam and Securitization Fail

42:00….The Great Economic Reality Disconnect

46:30…..Target LPS and the Declaration of War

56:00…..The Risks of the Uncertainty of Title Integrity

1:01:00….Recent Court Decisions…Are things getting better?

1:20:00…Social Costs, Client Demographics, and the Political Overview

Mandelman out.

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