BofA foreclosure recissions

I think it is more to do with the court cases in Oregon finding that MERS does not have the authority to foreclose non-judicially.  Most, if not all of the BofA mortgages are recorded through MERS.   It seems that all of these foreclosure cancellations are so they can regroup and figure out what their next step is.   That step may be having to go through the courts to foreclose which is going to be an expensive, drawn out process.    This will probably extend the foreclosure debacle in Deschutes county for a year longer than before - which was already going to continue for a couple years.  

http://dtc-systems.net/2011/03/update-foreclosures-oregon/

http://dtc-systems.net/2011/03/mers-crushed-oregon-rulings-mers-february/

http://www.oregonlive.com/business/index.ssf/2011/03/rulings_put_brakes_on_hundreds.html

http://www.ktvz.com/news/27113000/detail.html

http://www.nakedcapitalism.com/2011/03/many-foreclosures-in-oregon-halted-due-to-decisions-against-mers.html