Should NLV seize all of Aliante underwater mortgages via eminent domain?

Now that I have your attention, get a load of the latest inclination from public officials seeking to "solve" the housing crisis -- eminent domain.

So far it is only a few California government officials advocating the idea.

You can read the details of the idea here and discuss pros and cons below if you like. For me, I side with those who see danger in the idea. First, I don't like eminent domain. Second, this looks like one of those ideas fraught with unintended consequences. And third (and I hope this doesn't come off as too harsh) does anyone trust their local councilman to pull off this tricky maneuver? They might be fun folks to barbecue with on the Fourth of July ... but to time the housing market to confiscate mortgages with this financial trick? I'm not so sure about that.