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Oregon revamps foreclosure mediation law

Judicial foreclosures now subjected to mandatory negotiations in Oregon

When Oregon passed a law forcing lenders to attend foreclosure mediation sessions with borrowers, policymakers left a tremendous loophole.

Essentially, the rule only applied to nonjudicial foreclosures, making judicial foreclosures the new chosen path for banks.

But as The Oregonian reports, the controversial loophole is now closed, causing lenders to scramble.

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