Mortgage Loan Shock

The Chicago Sun-Times reports on a new Illinois law:

Longtime Realtor Fred Medina doesn't want people to buy houses they can't afford.

But he hates a new state regulation designed to thwart predatory lending that requires certain borrowers to receive financial counseling before being granted a mortgage, because he says it will hurt property values on the Southwest Side.

"This is a bad, bad law," Medina said, who along with other Southwest Side real estate agents fear that the extra layer of bureaucracy will cause long delays in closing deals. "It's going to hurt the market."

I guess some people are going to be rather unhappy with tighter credit standards.