Oregon Live-

A late attempt by the finance industry to change Oregon mortgage recording laws is dead.

Oregon House Judiciary co-chair Wayne Krieger opened a hearing this afternoon and said the amendment sought by loan servicers, title companies and credit unions would not pass out of the committee today. Minutes later, the committee voted to approve Senate Bill 519, the bill that the financial industry lobby attempted to amend.

At least they agree a cloud hoovers over foreclosures…

Oregon Live-

A bid by major financial institutions to retroactively waive Oregon recording requirements blocking foreclosure sales appears in jeopardy but will get at least one more day, a legislative leader says.

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Poll: Should Oregon lawmakers give foreclosures, MERS a do-over?

OregonLive-

A federal judge this week issued a stern rebuke to big banks and the Mortgage Electronic Registration System in its handling of foreclosures and what he called a violation of a long-standing Oregon recording law.

Now, the financial industry lobby wants the Oregon Legislature to amend an affordable housing bill to retroactively waive those reporting requirements.

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Sponsored by Senator BONAMICI; Senators BATES, BOQUIST

SUMMARY

The following summary is not prepared by the sponsors of the measure and is not a part of the body thereof subject
to consideration by the Legislative Assembly. It is an editor’s brief statement of the essential features of the
measure.

Provides that failure to include required modification form with notice of sale, failure to comply with provisions governing loan modifications and failure to record required affidavit of compliance with loan modification requirements are unlawful practices subject to enforcement under unlawful trade practices law.  Prescribes  time within which beneficiary or beneficiary’s agent must file affidavit for recording. Requires trustee to send copy of required affidavit to Department of Justice.

Requires Department of Consumer and Business Services by rule to prescribe form of affidavit and specifies minimum requirements for affidavit.

Removes certain exemptions from requirement to comply with law governing mortgage loan modifications.

Permits grantor to record affidavit stating that grantor requested loan modification in accordance with law and by applicable deadline.

Requires trustee to be resident of this state or have registered agent that meets certain qualifications.

Declares emergency, effective on passage.

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March 2nd, 2011 By JAMES PITKIN

State Sen. Suzanne Bonamici (D-Washington County) is sponsoring a bill in the Legislature that could affect thousands of Oregon homeowners.

As reported in today’s WW, homeowners have accused Virginia-based Mortgage Electronic Registration Systems of foreclosing on their properties without the correct paperwork or legal standing. The company has faced legal challenges across the country—including from former Portland mortgage broker Dawn Lind, the subject of our story.

Experts say one of the problems with MERS is that it’s unclear who actually owns the mortgage for the homes MERS tries to foreclose.

Continue reading … Willameet Week

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