Oregon Foreclosure Mediation Off to Shaky Start

Oregon is searching for
a new administrator company

According to Oregon Live, an online news service of The Oregonian, the Oregon Foreclosure Mediation Program is off to a bad start as the chosen outsourced administrator company has dissolved. The Florida think tank charged with running the program is searching for a new administrator for the program which has only held ten mediations.

The program “was supposed to be self-supporting based on fees lenders and borrowers pay to mediate. But without mediation sessions occurring, the state has been paying the Collins Center [the Administrator] $80,000 a month from money awarded as part of a national settlement over mortgage abuses with the largest mortgage servicers,” according to Oregon Live.

Read full story from Oregon Live (The Oregonian)