The Oregon Court of Appeals has ruled that the hydra known as MERS -- the monstrous placeholding dummy with a million phony vice-presidents, which the mortgage servicing industry created to attempt to evade the requirement (and the fees) that all transfers of interests in mortgages be recorded -- cannot use the streamlined, fast-track nonjudicial foreclosure process in Oregon!
Niday v. GMAC Mortgage, LLC et al,
"[T]he import of our holding is this: A beneficiary that uses MERS to avoid publicly recording assignments of a trust deed cannot avail itself of a nonjudicial foreclosure process that requires that very thing-- publicly recorded assignments."
The nonjudicial foreclosure process was created in the old days when lenders held onto their mortgage loans, which were actually underwritten thoughtfully. Fast forward to the slice-and-dice fast-money 1990s-2000s, when the banksters and money men started financializing everything and you suddenly had a tool that was being used against homeowners in ways never intended, by an entity never imagined by the law, a weird hybrid creature that pretended to be both the beneficiary of the loan (when useful to MERS) and not the beneficiary (again, when useful to MERS).
Hurrah for the Oregon Court of Appeals. BULLSEYE! Seems likely the MERS scammers will appeal but, for now, a true shining example of Oregon flying with her own wings and reaching the right conclusion despite a number of other states having missed the mark widely on this issue.
Niday v. GMAC Mortgage, LLC et al,
"[T]he import of our holding is this: A beneficiary that uses MERS to avoid publicly recording assignments of a trust deed cannot avail itself of a nonjudicial foreclosure process that requires that very thing-- publicly recorded assignments."
The nonjudicial foreclosure process was created in the old days when lenders held onto their mortgage loans, which were actually underwritten thoughtfully. Fast forward to the slice-and-dice fast-money 1990s-2000s, when the banksters and money men started financializing everything and you suddenly had a tool that was being used against homeowners in ways never intended, by an entity never imagined by the law, a weird hybrid creature that pretended to be both the beneficiary of the loan (when useful to MERS) and not the beneficiary (again, when useful to MERS).
Hurrah for the Oregon Court of Appeals. BULLSEYE! Seems likely the MERS scammers will appeal but, for now, a true shining example of Oregon flying with her own wings and reaching the right conclusion despite a number of other states having missed the mark widely on this issue.
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