Georgia tried something similar in 2003, their anti predatory lending law resulted in all of the major lenders refusing to business there. Even the VA/FHA/Fannie/Freddie curbed their dealings with anything in Georgia. They created a credit crunch and eventually reversed themselves. Perfect example of the law of unintended consequences.

Aguirre will not be successful, but on the off chance that he is, all it will accomplish is a complete implosion of the market. He will be personally responsible for causing the inability of anyone to get a loan, driving prices down further, faster, thus creating more foreclosures. Good luck Mike, it is going to be hillarious to watch. Either he effectively burns the market and the local economy to the ground or he fails and looks like an uninformed buffoon, entertaining either way and the first scenario will probably result in the first actual “tar and feather” incident in my lifetime. I can’t wait.