How low can we go?
Despite over 80% of bank owned inventory in the Portland area sitting on the sidelines, and despite our neighbors to the North deciding that MERS was a bankster sham...the verdict for Oregon property title/deed/chain of custody rights hangs in the balance of a still pending supreme court decision.
You can bet your sweet bippy that there is plenty of arm twisting going on from blue jean/cowboy boot wearing Kitzhaber on down through the legislature to make things go 'smoothly' for the big banks back East. Kroger (who sold out to the mortgage fraud settlement) is gone as attorney general, but it remains to be seen if Ellen Rosenblum will play ball with the big banks, or uphold the rule of law locally.
What would happen to home prices in the area if all of the shadow inventory were unleashed on the 'free' market? Would savers be rewarded and debtors be punished? Sounds too much like a free market...
Meanwhile, as it always does over time, the 'free market' moves forward in a steadfast manner courtesy of the Oregon Business Report:
"Titles may now be in doubt for people who bought properties either at a foreclosure sale or further along the line. Also, no market may exist for these properties if title insurers choose not to insure titles until there is some clarity. Going forward, will MERS lenders do business in Oregon? And if so, at what cost? Loans may be more expensive to administer because they either require that all assignments be documented and recorded or foreclosure via the more expensive judicial method. As such, loans in Oregon could demand higher interest rates.
Courts will see a sharp increase in the number of judicial foreclosure filings; it’s happening in Multnomah County already. An already overcrowded judicial system will gain additional burdens."
So are we to restore "certainty" and "sanity" to our real estate markets? Is it worth higher interest rates to have the title/deed recorded properly through the local county authority as has been done for hundreds of years? Or is it clearly imperative that title assignments be handled by Wall St and that home prices keep going "up" regardless of real wages? Heaven forbid that all assignments be documented and recorded locally?!?!?
Where would you rather have your land claim be recorded and heard in court?
A.) With the local county clerk's office
B.) With Wall St / DC sanctioned MERS?
***Comment from Clint8200***
I've had to do it again. Twice in five years. I've switched commenting systems. The current comment system (Haloscan) has made a shift away from being a 'free forever' service to a 'pay us or we'll delete all your comments and prevent valued readers from commenting ever again' service. Unfortunately your monthly blog subscriptions don't offset their monthly service charge so I'll switch back to the old blogger commenting system. I apologize for the inconvenience and hope you find the new format easy to use.