Oregon Supreme Court hears arguments in MERS foreclosure cases
SALEM -- The future of foreclosures in Oregon now rests in the hands of the state Supreme Court.
The high court Tuesday heard arguments on a pair of cases involving the Mortgage Electronic Registration Systems, created by lenders to streamline the bundling, buying and selling of mortgages.
If the court rules against MERS and says the lending industry's shortcut violates state law, it could add considerable time and expense to the out-of-court foreclosure system banks have used almost exclusively in Oregon for decades. That could send more foreclosures to the courts -- or give banks more financial incentive to avoid foreclosure by working with homeowners and considering other alternatives. READ MORE