Per the Uniform Commercial Code, identifying the lawful / rightful owner of the mortgage note and/or that which is entitled to its right to payment and the amount remaining on the debt (if any) is very much in question. The way in which mortgage notes were originated, and then transformed from debt and the promise of repayment into an asset, securitized and sold to investors, is coming under intense scrutiny. This may soon result in lawsuits filed by regulatory agencies coming under public fire for not being tough on the former or current colleagues' "too-big-to-fail - too-big-to-jail" acts.
Perhaps the most interesting / potent feature of using power of Eminent Domain is that in most cases the alleged owners of the mortgage note may not be able to prove, per the Uniform Commercial Code, any qualifying relationship to the note whatsoever... and are, therefore, simply holders of worthless paper.
Enter quiet-title actions: A lawsuit to establish a party's title to real property against anyone and everyone, and thus "quiet" any challenges or claims to the title.
An action for quiet title requires description of the property to be "quieted," naming as defendants anyone who might have an interest (including descendants--known or unknown--of prior owners), and the factual and legal basis for the claim of title. Notice must be given to all potentially interested parties, including known and unknown, by publication. If the court is convinced title is in the plaintiff (the plaintiff owns the title), a quiet-title judgment will be granted, which can be recorded and thus provide legal "good title."
Since political (mis)leadership consists mostly of hand-picked corporate shills and represents a profit-before-people system, the people must empower themselves by using existing law to fix our problems - including, but not limited to, the mortgage-foreclosure problem. If left to its own devices, the Wall Street model will further enrich its bed partners while selectively "helping" but a small handful of homeowners.
We can do better.
We can use existing law to redistribute the recovery of billions in stolen equity and restore communities ravaged by illegal mortgage foreclosure or abandonment.
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