It is very stupid. Something like you suggest would bring prosperity into Mexico, instead they believe they can do that by sending poverty out ---- but all this massive immigration from Mexico has not improved Mexico at alll, it's become like a giant welfare ghetto, people sitting around waiting for the monthy wire of money to come in so they can buy groceries and pay their bills. Nothing is being built or invested.
Not only are gringos not allowed to actually own property (99-year lease with a Mexican managing partner is the best you can do), but in cruel reality, a Mexican land title is nigh on worthless even to a Mexican. When you get right down to it, no one south of the border actually knows who owns what. There is no clear title to anything. It is mired in a quasi-feudal arrangement, where crooked judges delight in awarding, un-awarding, and re-awarding property to a succession of litigants who maintain rights by force and bribery. Probably sounds stupid to Americans, but where the rubber meets the road, that's the deal. The system is: ain't no system. Fee Simple? Too simple for Mexico, apparently.
Maybe when the Iraqi Constitutional Convention is done, they can fax a copy of their work to Vicente Fox and the Oligarchs. Just having a clear legal code would open up the economic potential of our neighbour to the south in a big way.