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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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