MERS ruling paves way for out-of-court foreclosures

MERS ruling paves way for out-of-court foreclosures

The Oregon Supreme Court on Thursday cleared the way for banks to return to the out-of-court method of foreclosure.

The high court found that Mortgage Electronic Registration Systems Inc., a lending industry cooperative for cataloging loan ownership, can't foreclose on mortgages itself -- as was common in the early years of the foreclosure crisis -- because it's not the beneficiary of a deed of trust.

Read more at Oregonlive.