Joint Statement on Oregon Supreme Court MERS Rulings

SALEM, Ore., June 6, 2013 /PRNewswire-USNewswire/ -- The following is being released by Oregon Bankers Association, Oregon Mortgage Bankers Association, Independent Community Banks of Oregon, Oregon Association of Realtors, Oregon Financial Services Association, and Oregon Home Builders Association:

This morning, the Oregon Supreme Court handed down rulings in the Niday v. GMAC Mortgage, LLC, et al. (S060655) and Brandrup v. Recontrust Company, N.A., et al. (S060281) cases related to assignments of deeds of trust and the ability of an agent, such as Mortgage Electronic Registration Systems, Inc. ("MERS"), to serve as a beneficiary under the Oregon Trust Deed Act.  We are pleased with many of the conclusions reached in the Court's opinions.

Today's decisions in Brandrup and Niday will reverberate throughout the housing and lending markets in the State of Oregon.  Our various organizations will be studying the opinions handed down by the  Court to understand their full impact, but it appears the rulings validate the authority of MERS to act on behalf of lenders in Oregon.

As partners in revitalizing Oregon's housing market, home builders, bankers and Realtors are committed to the goals of:

• Preserving the secondary market for mortgage lending in Oregon to keep mortgage lending affordable and available to Oregonians;
• Protecting the non-judicial foreclosure process that has served Oregon well for more than 50 years, thereby minimizing unnecessary costs and burdens placed on Oregon's courts and those facing foreclosure; and
• Assuring that any clouds on homeowner titles resulting from prior court rulings are lifted.

Continued economic recovery can only come with a strong and vibrant housing and lending market.  Our organizations will work to ensure that homeownership opportunities and the economic benefits of such are available to Oregonians for years to come.

SOURCE Oregon Bankers Association