Foreclosures have slowed significantly as the legal challenge moves through the judiciary. The Supreme Court decision is expected to resolve years of uncertainty around the role of Mortgage Electronic Registration Systems Inc., or MERS.
MERS has allowed lenders to avoid publicly recording the ownership history of a trust deed.
A state appeals court ruled in July that lenders using MERS must go through the courts to begin foreclosure proceedings. Since then, so-called nonjudicial foreclosures have all but stopped in Oregon as lenders have turned to the court system or waited out a definitive ruling on the status of MERS.
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