By Daniel Edstrom
DTC Systems, Inc.
Brent Hunsberger from the Oregonian has reported that hundreds of Oregon foreclosure sales have been stopped after judges’ rulings (http://www.oregonlive.com/business/index.ssf/2011/03/rulings_put_brakes_on_hundreds.html). Two rulings are from October 2010, but three rulings were from February 2011. Apparently Oregon has a law requiring all intervening assignments be recorded. This appears to be a problem since MERS was specifically designed to hide the beneficial ownership of the loan and to avoid the payment of taxes on the transfer or assignment of the loan. The interesting thing is this article from the Oregonian says that the legislature needs to “fix” this issue. But the current laws appear to be sufficient. It wasn’t the homeowners across the United States who decided to defraud the homeowners, county and state governments, it was the banks that were looking to defraud homeowners, county and state governments.
Download these cases here and review them yourselves:
Rinegard-Guirma vs BofA from October 6, 2010 available here: http://dtc-systems.net/?attachment_id=541
Ekerson vs MERS from February 11, 2011 available here: http://dtc-systems.net/?attachment_id=540
Burgett vs MERS from October 20, 2010 available here: http://dtc-systems.net/?attachment_id=539
Barnett vs FNMA from February 23, 2011 available here: http://dtc-systems.net/?attachment_id=538
in re McCoy from February 7, 2011 available here: http://media.oregonlive.com/business_impact/other/McCoy.pdf