The current status of eminent domain law in the United States, however, doesn't square with Cruz's, and now Bush's, fear-mongering over the issue. In essence, Cruz and Bush are trying to make Trump the boogeyman here. And while there may indeed be plenty of grounds for pinning that moniker on Trump, eminent domain does not appear to be one of them.
Perhaps the mere threat that local and state governments might get serious about using eminent domain to seize underwater mortgages might be enough to get banks to do something they have been loathe to do from the beginning: write down principal and right-size mortgages to align them with current property values.
All of us have spent a great deal of time complaining about Wall Street and how hard it is to take them on given all their money and political power. But here we have several cities with more in the wings actually doing something about it. Wouldn't it be something if progressives all over the country spread this campaign to their own town councils?