Welcome

Oregon Community Banks Seek to Limit State’s Pandemic Relief Law

Aug. 14, 2020, 5:00 PM

Oregon community banks filed a lawsuit against a state coronavirus relief law that establishes a retroactive foreclosure ban and mortgage forbearance requirements.

The retroactive mortgage relief requirements dating back to March 8 put banks at heightened risk of private litigation from borrowers, the Oregon Bankers Association and three of its members said in a lawsuit filed Thursday in the U.S. District Court for the District of Oregon.

Because the June 30 law includes a private right of action, banks could be sued by consumers that were put into foreclosure or denied payment forbearance before the measure took effect, even though ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.