But on Jan. 5, Multnomah County disclosed that, unlike dozens of counties across the country, it had won a settlement against Mortgage Electronic Registration Systems Inc., a giant bookkeeping service banks use to facilitate mortgage transfers.
In a 2012 lawsuit, the county alleged MERS failed to properly record such transfers.
That had two consequences: It made it difficult for people to know who their mortgage lender was; and second, it deprived the county of millions of dollars in recording fees.
In the settlement, MERS agreed to pay the county $9 million—before legal fees. That means the general fund gets a windfall of about $6 million.
County Chairwoman Deborah Kafoury and her colleagues will present the settlement Jan. 7 at county headquarters.
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