Monday, October 17, 2011
Is Oregon still participating in the proposed '50-state' settlement regarding abuses of the law by banks in mortgage securitization? Rolling Stone reports that it's a bad deal for Florida since the Sunshine State is estimated to have lost 62 billion, and since the entire 50-state settlement is now set to 20 billion total, I am very curious as to what Oregon's estimated losses are due to this particular kind of bank fraud.
Especially of interest is the use of the commercial firm MERS instead of properly registering transactions locally. How much did Oregon's counties lose in taxes through bypassing Oregon law regarding transaction reporting?
Now that New York and California have pulled out, I hope the state of Oregon will also consider how paltry our slice of that 20 billion might be.
(Any answer from the Oregon Attorney General's office, to whom this message was sent today, will be posted here).