Nick Wooten: Foreclosure Rebel

Boot Camp graduate Nick Wooten was recently featured in the November issue of Business Alabama.  For those of you who aren’t aware, Nick is leading the charge in deposing MERS employees so we can get a better understanding of just who MERS is, and what their involvement is in the mortgage securitization process.  Unfortunately, Business Alabama is only a print magazine but we have a small excerpt.

What if real estate and trust laws back up what could become a nationwide homeowners’ rebellion—one that could void more than 64 million potential foreclosures and pull trillions of dollars out from under some of the world’s biggest banks? That’s the worst-case, doomsday specter evoked by the recent breakdown in the foreclosure proceedings of the nation’s big mortgage bankers.

But from the perspective of Nick Wooten, such doom would be karmic comeuppance for the bankers, and none too soon.

For over three years, Wooten, an Alabama trial lawyer, has been a courthouse Jeremiah, denouncing fatal flaws in the mortgage industry, declaring the end is near.

The expansion of the wholesale mortgage industry in the last decade—facilitated by the securitization of mortgages—vastly inflated housing

markets and burst into the ongoing global financial crisis. As Wooten sees it: “In mid-2007, the world came to an end. Investment houses collapsed under the weight of their own stupidity.”

Wooten is the go-to guy for plaintiffs fighting foreclosure in Alabama and is lead attorney in two signal class action cases recently filed in Kentucky and Mississippi. In one of those cases, the U.S. Bankruptcy Trustee for northern Mississippi has joined Wooten’s plaintiffs on behalf of all federal bankruptcy trustees in the country.That action came on October 11, two days before the attorneys general of all 50 states announced a joint investigation of the wholesale mortgage industry. …