The truth is starting to come out about the mortgage industry leaders

TALLAHASSEE (Bay News 9) -- The commissioner of the state's Office of Financial Regulation was forced out of office by the state Cabinet Tuesday.

Don Saxon faced criticism over the revelation that more than 10,000 people with criminal records were allowed to work in the state's mortgage industry. His critics said he should have done something to keep those convicted of financial crimes from obtaining licenses as mortgage brokers and originators.

Last month, a Miami Herald investigation found that, in many cases, the state failed to properly screen the applicants before issuing licenses.

Chief Financial Officer Alex Sink is calling for sweeping changes.

"There were substantial evidence of complaints that have been coming in from Floridians who have been fleeced by this criminal element in the mortgage brokerage industry," Sink said. "So our new leader has got to look at those complaints and put two and two together and say, 'Hey, wait a minute, we have a problem here, and we're gonna do something about it'."

Saxon's resignation takes effect Sept. 13. In the meantime, Sink and other top officials will begin the search for a new commissioner.



People were appauled by the number of felons in the National Football league a few years ago but yeah, why not. Let criminals sell mortgages.

Re: The truth is starting to come out about the mortgage industry leaders

guess what industry all the stock brokers that got in trouble for boiler rooms stuff ended up in


yep- you guessed it - the mortgage business

as soon as they all got in trouble for selling stocks - and lost their lic.- they went into the mortgage industry- where there are very little regulations (up until recently)

I could have told you this 5 years ago

but that was and is only part of the problem- you can't blame everything on that- they don't approve loans- banks do- they just sell them