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Mortgage Regulator Defends Office

July 24th, 2008 by Mike Vasilinda

The man who regulates mortgage brokers in Florida is defending his office tonight against claims thousands of felons were allowed to work in the mortgage business. A 40-page report highlights problems with published reports, but as Mike Vasilinda tells us, it may not be enough, soon enough, to save the regulators job.

Following published reports that more than 4 thousand felons were licensed as mortgage brokers by the state, Don Saxon, the regulator under fire, is fighting back.

A 40-page report by the office of Financial Regulation admits the agency made mistakes. Among them, not conducting federal background checks as required by law.

The office also says it has no authority to conduct a background check when mortgage licenses are renewed every two years and that crimes may have been committed after initial licensing.

After requesting and interview and not hearing back, we went to the agencys office.

CFO Alex Sink said earlier this week she lost confidence.

Leaders ought to know whats going on within their departments, Sink said.

And now the AARP says new leadership is needed to protect seniors who might be buying a home.

Some of these people have backgrounds that you wouldnt trust them walking your dog, AARP spokesman Dave Bruns said.

The fate of the agency leadership is now in the hands of the Governor and three Cabinet members who could vote as early as next week on whether to make a change.

Posted in Housing, State News | 2 Comments »

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