Oregon foreclosure ruling goes against lenders

Published July 19, 2012 12:35am ET



GRANTS PASS, Ore. (AP) — The Oregon Court of Appeals ruled Wednesday that lenders using an electronic system to rapidly package and sell mortgages must go through the courts to begin foreclosure proceedings.

The ruling issued by a three-judge panel of the court said creditors that use Mortgage Electronic Registration Systems Inc. instead of publicly recording the ownership history of a trust deed cannot take advantage of a foreclosure process outside the court system.

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.