Oregon Supreme Court expected to make ruling in MERS foreclosure cases

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Oregon Supreme Court expected to make ruling in MERS foreclosure cases

Oregon Supreme Court expected to make ruling in MERS foreclosure cases

“The parties appear to have defined the word [nominee] in much the same way that the blind men of Indian legend described an elephant-their description depended on which part they were touching at any given time.” Landmark Nat’l Bank v. Kesler, 216 P.3d 158, 166-67 (Kan. 2010).

MERS ‘Nominee’ or ‘Beneficiary’ That is The Question … NONE OF THE ABOVE, it’s a STRAWMAN the banks created with NO legal or beneficial interest with promissory notes!

Oregon Live-

The Oregon Supreme Court plans to issue rulings Thursday in a pair of cases that will shape the future of foreclosure in the state.

From a story about oral arguments heard in January:

The high court Tuesday heard arguments on a pair of cases involving the Mortgage Electronic Registration Systems, created by lenders to streamline the bundling, buying and selling of mortgages.

If the court rules against MERS and says the lending industry’s shortcut violates state law, it could add considerable time and expense to the out-of-court foreclosure system banks have used almost exclusively in Oregon for decades. That could send more foreclosures to the courts — or give banks more financial incentive to avoid foreclosure by working with homeowners and considering other alternatives.

At issue in both cases Tuesday — which were so similar the arguments for the case heard in the afternoon were virtually a continuation of those earlier in the day — is whether MERS can stand in for the lender in a foreclosure outside the court system.

The Oregon Court of Appeals had ruled that MERS cannot stand in for lenders in recorded documents, the decision that’s now on appeal to the Supreme Court. As a result of the appellate court ruling, most lenders have switched from the out-of-court notice and sale foreclosure process to court-supervised judicial foreclosures.

[OREGON LIVE]

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