11 Oregon counties sue private mortgage registry MERS

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11 Oregon counties sue private mortgage registry MERS

11 Oregon counties sue private mortgage registry MERS

Oregon Live-

Eleven Oregon counties are suing a mortgage-industry company that registers loan sales, circumventing public property records.

The counties — Clackamas, Coos, Crook, Jackson, Josephine, Klamath, Lane, Linn, Marion, Washington and Yamhill — announced Thursday they have filed a $50 million lawsuit over unpaid recording fees since the lending industry created Mortgage Electronic Registration Systems, or MERS, in the 1990s.

The counties are following the lead of Multnomah County. They’re represented by the same Lake Oswego attorney, Tom D’Amore.

“MERS was taking advantage of our public records system but not paying the fees,” D’Amore said.

[OREGON LIVE]

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