Freddie Mac's Diabolical Solution to Oregon's Recording Requirement: Locate and Destroy the Assignment

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Freddie Mac’s Diabolical Solution to Oregon’s Recording Requirement: Locate and Destroy the Assignment

Freddie Mac’s Diabolical Solution to Oregon’s Recording Requirement: Locate and Destroy the Assignment

House Keeping Report-

One of the most hotly contested issues in Oregon foreclosure law is whether lenders who do not obtain written assignments of trust deeds can foreclose non-judicially. While other lenders fret about their missing assignments, Freddie Mac has taken a different approach. Freddie instructs servicers to destroy them prior to foreclosure.

In Oregon, a lender can foreclose without going to court only if the lender complies with all requirements in the Trust Deed Act. One of those requirements is that “any assignments of the trust deed by the trustee or the beneficiary” must be publicly recorded before a non-judicial foreclosure is commenced. See ORS 86.735(1).

Some lenders have argued that the phrase “any assignments” means any written assignments, which excludes transfers that occur automatically when a note is transferred. But no lender in Oregon, including Freddie Mac, has argued that written assignments are not “assignments” that have to be recorded.

Freddie’s Special Oregon Rule

For all non-MERS trust deeds, Freddie requires the seller to execute and deliver a written trust deed assignment to Freddie at the time of sale. The assignment becomes part of Freddie’s mortgage loan file. But that means there exists at least one written assignment that must be recorded prior to commencing a non-judicial foreclosure in Oregon.

Whether to cut costs or to avoid becoming the public face of so many foreclosures, Freddie created a special rule for Oregon just over 11 years ago. Freddie explained the new rule in a letter issued to all lenders that sell or service Freddie Mac loans. That letter, dated January 18, 2002, has the subject line: “Foreclosing on Properties in the State of Oregon.”

[HOUSE KEEPING REPORT]

image: csmonitor.com

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3 Responses to “Freddie Mac’s Diabolical Solution to Oregon’s Recording Requirement: Locate and Destroy the Assignment”

  1. It appears this very concealment is happening in County records in Washington State. Assignments from the forecloser to themselves claiming to be MERSE vice pres or assist secretary or what ever by the foreclosers themselves are disppearing from county records and a MERS assingment to the next fraud is in place and new frauds like NW Trustees. With NW Trustees employees making false claims as to having personal knowledge when they are relying on a third party fictional claim, are taking the place of MERS fraud assignments to foreclose and unlawfully seize property. See MCElligott deposition on this site and Jeff Stennmn deposition also found on this site iT APPEARS the new frauds are risking their necks taking the place of MERS AND DOCS to foreclose unlawfully. IT APPEARS ON ONE CASE COUNTY ASSIGNMENT FILED, CHASE TRANSFERING TO FDIC. CHASE IS TRYING TO COVER THEIR TRACKS OF NO AUTHOURITY BY ASSIGNIGNMENT TO THE FDIC WITH NO ASSIGNMENT FROM ANY ONE TO THEM EXCEPT MERS IN SOME CASES AND IN THIS CASE, AND NO ASSIGNMENT FROM THE FDIC TO CHASE. WITH MERS BEING REMOVED FROM WA STATE the foreclosures are appearing desperate to come up with new docs no matter what the rick.

  2. Sorry RISK! Look at this site. My computer goes down when I try to get into this site so I am sending it this way. Having problems with my computer. July | 2012 | Property Defense Network If this does not work Type in Shawn Newman Freddie and Fannie Shell game and go to property defense network. It appears Freddie and fannie are not victims of this shell game and con they are part of it. A shell game themselves.

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