JAMES v RECONTRUST | Federal court ruling against MERS foreclosure in Oregon comes (again) as Republican lawmakers try to validate it

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JAMES v RECONTRUST | Federal court ruling against MERS foreclosure in Oregon comes (again) as Republican lawmakers try to validate it

JAMES v RECONTRUST | Federal court ruling against MERS foreclosure in Oregon comes (again) as Republican lawmakers try to validate it

Oregon Live-

A federal judge has yet again issued a ruling that effectively questions the validity of scores of foreclosures in Oregon, a crisis the Legislature could resolve in the mortgage industry’s favor this week if bank lobbyists and House Republican leaders have their way.

In an opinion issued Wednesday, U.S. District Court Judge Michael Simon rejected a magistrate judge’s finding and rulings by two of his colleagues that big banks could avoid recording notices in local land records each time a loan is sold to other lenders or investors.

Simon sided with two other federal judges in Oregon in ruling that lenders have violated state recording law. They’ve done this, they say, by logging sales within its nationwide Mortgage Electronic Registration Systems Inc. and declaring MERS a “beneficiary” of the loan.

[OREGON LIVE]

[ipaper docId=83382802 access_key=key-1e5pofsuit5e3e6dxtl0 height=600 width=600 /]

 

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One Response to “JAMES v RECONTRUST | Federal court ruling against MERS foreclosure in Oregon comes (again) as Republican lawmakers try to validate it”

  1. Nancy Fink says:

    Hello People,

    We do not need another MERS of any kind. They should close this entity (all of them) and go back to the standard filing we had of recording our titles in the local county & state that the property is located. Your home and records should also be notarized with local or state people.

    Have you not had enough with all the lies and greed in the financial world and our congress? Why are you letting them get off the hook with this?

    Prayers are the answers to our needs and change our country to what it was founded on (the word of God) not greed and money. Most of us have children and grand children…..what about their futures?

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