BILL BUTLER: FORECLOSURE FRAUD AND SECURITIZATION IN A (VERY PRECISE) NUTSHELL

Some great articles by Bill Butler at Liberty Law, who knows a thing or two about securitization and foreclosure fraud, as he won one of the first (if not the first) lawsuit over securitization in 1996.  Butler has been railroaded by the Minnesota federal judiciary, having been fined (and now suspended) in the neighborhood of $323,000 for presenting what the courts called “frivolous” arguments in foreclosure cases.

Of course, “frivolous” really means “bank-defeating” and so therefore the arguments couldn’t be allowed.  You know, “frivolous” argument and reasoning like this:

In the example above, Wells Fargo Bank, N.A, as Trustee of the Series 2004-B Trust, claims to be the sole and exclusive owner of the securitized mortgage.  If Wells is in fact the owner, it must have acquired legal title to the loan on or before February 26, 2004.  New York law states that transfers to a…