(Source: By  Brent Hunsberger, The Oregonian  The Oregonian) – The foreclosure fight in Oregon jumped to a new level this week after a federal judge in Medford rebuked the industry’s sloppy practices in blocking the seizure of a Jacksonville home, and mortgage issuers turned to the Legislature to find a quick fix to the legal quagmire.U.S. District Judge Owen Panner questioned whether big banks should be allowed to foreclose without court supervision — as required in 23 states but not Oregon, where one in every 500 homes is in foreclosure, according to Realty Trac Inc. That’s compared with one out of 600 nationwide.

Panner specifically warned of problems in cases involving the Mortgage Electronic Registration System. MERS was set up by the banking industry to rapidly package and sell mortgages as securities without recording each sale in county recorder offices.

Source: By  Brent Hunsberger, The Oregonian  The Oregonian

Published: Thursday, May 26, 2011, 8:35 PM
Updated: Friday, May 27, 2011, 5:55 AM

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