Oregon Live-
Emotional testimony from people who recently lost houses through bank foreclosures punctuated a meeting Thursday, during which Multnomah County’s commissioners voted to proceed with a lawsuit against a mortgage giant linked to countless foreclosures nationally.
The lawsuit, expected to be filed within weeks in Multnomah County Circuit Court, will seek damages for allegedly unpaid document-recording fees from Mortgage Electronic Registration Systems, or MERS.
The Virginia-based corporation was created by the mortgage industry to bundle and sell loans to investors without the need to record each new transaction.
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