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Mortgage Showdown Imminent

July 22nd, 2008 by Mike Vasilinda

A showdown over who runs the office that licenses mortgage brokers could occur as early as next week. Calls for the resignation of Don Saxon are growing over reports that felons have been licensed despite their convictions. As Mike Vasilinda tells us, the states Chief Financial Officer says she isnt getting the answers she needs.

Deep within this state office building, regulators decide who gets a mortgage license and who doesnt. Since this decade began, over 4 thousand former felons were licensed, while an investigation found just 28 people were denied because of their criminal past.

Florida CFO Alex Sink is calling for an immediate end to licensing any felons. Shes asking but not getting answers on how those felons could have gotten a license.

Cocaine dealers and bank robbers and fraudsters have been permitted to apply for mortgage brokers licenses and get them, and then proceed to go out and defraud more people,Sink said.

Sink is also calling for the resignation of the key regulator, saying she has lost confidence in leadership. The nationwide community organization ACORN is also calling for a change.

Minorities are seen as targets for a lot of these people that seek to game the system on both sides, both lending and the borrowers side, and what they did was criminal, Jason Roth with ACORN said.

Trouble for a lot of people begins here in the phone book because one of every ten of these outfits could be a fraud artist.

Phone books list dozens of companies known as mortgage originators. They are unlicensed people that help prepare loan paperwork. Lawmakers have refused to license the originators before, but the call for more regulation is going out again.

Posted in Housing, State News | 2 Comments »

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