Oregon Supreme Court win on MERS
Keith S. Dubanevich, Oregon Dept. of Justice, 18.07.2012 18:50
Breaking news: The Oregon Court of Appeals has ruled that MERS is not the real beneficiary and thus does not have standing to pursue foreclosures. Attached is the opinion.
Supreme Court Opinion - 115K
MERS equals 1% Corporate Greed
THIS IS A HUGE WIN FOR THE 99% ! ! ! !
NOTE:
In an email Keith S. Dubanevich offers his opinion: "It is not my view that MERS is a federal issue. It is a national issue, but one that has to be addressed on a state-by-state basis as each state’s land records and foreclosure laws are unique."
Keith S. Dubanevich
Chief of Staff and Associate Attorney General
Oregon Department of Justice
1162 Court Street NE
Salem, OR 97301
Office: 503.378.6368
Mobile: 503.508.0185 (note new number)
Fax: 503.378.4017
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UPDATE ** BREAKING NEWS ** UPDATE ** BREAKING NEWS ** UPDATE ** BREAKING NEWS
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from the Boregonian.....
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OREGON SUPREME COURT will tackle MERS foreclosure issues
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A day after a key ruling from a lower appeals court, the Oregon Supreme Court said it will resolve uncertainty surrounding the mortgage industry's controversial loan tracking system and its role in out-of-court foreclosures.
The state's highest court on Thursday officially accepted questions sent to it by U.S. District Court chief judge Ann Aiken.
The questions stem from four cases challenging the legality under Oregon law of the Mortgage Electronic Registration Systems Inc. and non-judicial foreclosures.
On Wednesday, the Oregon Court of Appeals ruled in a separate case that a record of past mortgage sales must be filed publicly in Oregon before an out-of-court foreclosure can begin.
It also said that MERS, the industry's private registry of mortgage transactions, could not act as a stand-in for filing the mortgage assignments in county recorders offices.
The mortgage industry created MERS in the 1990s to facilitate the rapid bundling and sale of mortgages to investors.
Homeowners nationwide have challenged the right of MERS and other lenders to foreclose based on poor or missing records of loan ownership.
Federal and state judges in Oregon have ruled differently on the issues, and industry insiders say the uncertainty has gummed up foreclosures in the state. Some lenders have moved to more costly judicial foreclosures in court instead.
A decision from the high court could take six to 12 months, legal observers say.
Even if it senses urgency in the matter, the court will take time to ensure interested parties get their say, said Jeffrey Dobbins, a Willamette University law professor who specializes in the appellate process.
"The fact that they took the certified question suggests they understand it's an important issue that a lot of people are interested in," Dobbins said.
The Washington Supreme Court in March heard arguments on a similar set of questions but has yet to issue a ruling.
-- Brent Hunsberger; 503-221-8359... ... ... This update report from the Oregonian
