FORECLOSURE MESS IN OREGON

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KBOO
Program:: 
Air date: 
Fri, 07/08/2011 - 12:00am
ruling questioned the use of the Mortgage Electronic Recording System by mortgage industry

 

A judge in Oregon has challenged last week’s ruling in favor of foreclosed homeowners. 

The landmark ruling last week was the first to declare a foreclosure sale void after the fact.

That ruling also questioned the use of the Mortgage Electronic Recording System, or MERS, by the mortgage industry.

That recording system allows mortgage companies to re-sell mortgages without recording the sales with county offices.

MERS has also been part of the ‘robo-signing’ scandals around the country in which machine-forged signatures have been notarized on foreclosure forms.

However, last week’s seeming victory for homeowners may be short-lived, as a Clackamas County Judge this week made a contradictory ruling that implies that the ‘fast-tracking’ of foreclosures through the MERS electronic system could be allowed to continue.

To learn more about what MERS is, KBOO’s Joe Meyer Spoke with Janice Smith and Bill Hultman of MERS-Corp and Linda Olsen Osterlund interviewed Angela Martin the Executive Director of Economic Fairness Oregon.

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