MERS has been handed a mixed bag in a ruling by Oregon's Supreme Court
MERS has been handed a mixed bag in a ruling by Oregon's Supreme Court.
The state's Supreme Court, considering four cases brought against MERS over foreclosures, has decided that the company cannot foreclose on homes itself. The court held that MERS was nott a beneficiary under the Oregon Trust Deed Act.
But the Court handed a win to MERS and lenders in the state, deciding that not every transfer of ownership for loans need be recorded in county records before out-of-court foreclosures proceed.
The Oregon Bankers Association said it was mulling the Court's ruling, but that it appeared to "validate the authority of MERS to act on behalf of lenders in Oregon". The association said it remained committed to protecting the state's out-of-court foreclosure process, which it argued was cheaper for both lenders and those facing foreclosure.