Small lending institutions are sidestepping Oregon’s foreclosure mediation law.
Small lending institutions are sidestepping Oregon’s foreclosure mediation law.
Many institutions are taking advantage of a clause that allows smaller banks and credit unions that initiated 250 or fewer foreclosures the previous year to forgo the mediation process altogether.
Since August, lenders have filed 187 requests with the state to exempt a pending foreclosure from the mediation program, according to Oregon Department of Justice figures.
Institutions like Sterling Savings Bank, Umpqua Bank, SELCO Community Credit Union and Oregon First Community Credit Union have all filed exemption requests this year.
Read more at The Bend Bulletin.
