Category Archives: Legislation – Oregon

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Oregon MLO Licensing Exemptions for Manufactured Structure Dealers

Posted on by Phil Querin

Who would have thought that the financial crisis brought about by Big Bank Shenanigans would incentivize national and state regulators to impose Draconian rules on the sale of pre-owned manufactured homes?  This relatively small industry is the last vestige of affordable housing in this country.  This misguided effort is akin to regulating row boats after the Titanic […]

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Posted in CFPB, Dodd-Frank, Federal Regulation, Financial Crisis, Legislation - Oregon, Residential Housiing | Tagged , ,

Borrower Exposure to Deficiency Risk

Posted on by Phil Querin

“To be forewarned is to be forearmed.” The term “deficiency” arises in the context of a borrower’s default to their lender.  It refers to the difference between what the lender/servicer recovers, e.g. through short sale, deed-in-lieu-of-foreclosure (“DIL”), or foreclosure, and the total debt owing.  Let’s go through each one, and see how and when the […]

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Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Federal, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Subprime Crisis, Trust Deeds | Tagged , , , , , , , , , , ,

MERS, Niday, and Occam’s Razor

Posted on by Phil Querin

As I was reading Kelly Harpster’s excellent article on The Housekeeping Report, summarizing the January 9, 2013 oral arguments on the Niday case[1] before the Oregon Supreme Court, I felt I was ringside with Howard Cosell covering an old Ali-Frazier title bout: “Frazier hits Ali with a short left jab, followed by a quick right – Ali feints, dances, bobs, weaves […]

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Posted in Legislation - Oregon, MERS, Miscellany, Real Estate/Distressed, Trust Deeds | Tagged , , , , ,

HAMP, HARP, and Harpster

Posted on by Phil Querin

My fondness for alliterations compels the title.  I could not resist.  The purpose of this post is to welcome Lake Oswego attorney extraordinaire, Kelly Harpster, to the blogosphere – that vast otherworld known as the Internet, where one can accomplish two respectable goals:  (a) Sharing important information on self-selected topics, and (b) doing so through […]

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Posted in Financial Crisis, Foreclosure, Legislation - Federal, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed | Tagged , , , , , , ,

Foreclosure Mill Morality

Posted on by Phil Querin

Slam! Bang! HER:  “Honey, is that you? You’re home early from the firm. Usually, on Fridays, you go over to Lucifer’s Lounge with the other attorneys for shots of Devil’s Springs Vodka, and regale each other with stories of the families you foreclosed during the week. Honey?  Honey? What’s wrong?” HIM:  “I think I screwed […]

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Posted in Fannie&Freddie, Foreclosure, Foreclosure Mills, Legislation - Oregon, MERS, Trust Deeds | Tagged , , , , ,

Portland Metro Housing Prices – The Last Five Years [Part Two]

Posted on by Phil Querin

This is the second installment of my article looking back over the past five years at Portland housing statistics.  Part One examined the real reason for the housing crisis which officially commenced in 3Q 2007, and looked at the historic numbers for average and median (i.e. “mean”) sale prices according to the RMLS™. The link […]

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Posted in Deed in Lieu of Foreclosure, Fannie&Freddie, Financial Crisis, Foreclosure, GSEs, Legislation - Federal, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Realtors, Refinancing, REOs, Servicers, Short Sales, Subprime Crisis, Subprime Mortgages, Trust Deeds | Tagged , , , , , , , , , , , , , , , , , , , ,

Distressed Housing FAQs

Posted on by Phil Querin

Question [Hardship Letters].  I am trying to do a short sale.  The bank is asking me for a “hardship letter.”  What is it they are looking for?  Do I have to have some life changing event to qualify for help, such as divorce or some financial calamity? Answer. I rarely, if ever, have seen a […]

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Posted in Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Oregon, Lenders, Miscellany, Real Estate/Distressed | Tagged , , , , , , , , , ,

Real Estate Brokerage Claims Evaluation – Part One

Posted on by Phil Querin

[Note: These are my opinions alone and are not meant to supersede or replace any company’s existing policy, which may differ for various reasons.  Nor are they intended to act as a substitute for prompt consultation with the company’s own legal counsel for instruction, advice and direction.  In all cases, managing principal brokers[1] are encouraged […]

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Posted in Broker Risk Management, Legislation - Federal, Legislation - Oregon, Miscellany, Real Estate General, Realtors | Tagged , ,

Realtor Alert – Short Sale Fraud

Posted on by Phil Querin

Introduction. Recently there have been some anecdotal reports that real estate licensees, presumably with the knowledge and consent of sellers and buyers, have engaged in some practices that could be regarded, at best, as “sketchy.” Here is the issue: In some short sale transactions, there have been apparent instances of brokers not submitting repair addenda […]

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Posted in Broker Risk Management, Legislation - Federal, Legislation - Oregon, Lenders, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Short Sales | Tagged , , , , ,

SB 1552 – Why Don’t The Big Banks Wanna Play? [Part Two]

Posted on by Phil Querin

“Language and speech are the means by which people communicate with one another.  However, with the Big Banks, their silence conveys the loudest message.”  [Anonymous – sort of.] In Part One, I analyzed the recent Oregonian article, titled: “Lenders not engaging in Oregon foreclosure mediation program.”  The gist of my post addressed the process under […]

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Posted in Deed in Lieu of Foreclosure, Financial Crisis, Foreclosure, Legislation - Oregon, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Servicers, Short Sales | Tagged , , , , , , , , , , , ,
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