Florida to take action against criminals in mortgage industry
More than 10,000 people with criminal record have committed $85 million in mortgage fraud in the state of Florida from 2000 to 2007. This was acknowledged by Don Saxon, the Office of Financial Regulation (a state agency) Commissioner in a 40-page response to a Miami Herald investigation.
Saxon, the head of the state agency that allowed the criminals to sell mortgages in Florida has admitted that his office didn’t follow the 2006 screening law according to which applicants for mortgage broker license should be screened for federal crimes. But the agency also blamed legislators for failing to provide money to enforce the law.
Saxon gave his response 2 days after Chief Financial Office Alex Sink called for his resignation based on the findings of the Miami Herald. However, State Sen.Gwen Margolis, D-Sunny isles, said providing money shouldn’t have been a problem because the Joint legislative Budget commission makes budget changes throughout the year.
Alex Sink is trying to stop issuing and renewing broker licenses to people having criminal records. And he’ll probably seek an executive order for this purpose. Sink also has plans to discuss the issue with Gov. Crist and the Florida cabinet when they meet next week.
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