Report: Many Mortgage Workers Had Records
Florida CFO Calls For Top Regulator To Step Down
POSTED: Monday, July 21, 2008
MIAMI -- Florida's chief financial officer is calling for the state's top mortgage regulator to step down after a newspaper report found that thousands of people with criminal records were allowed to work in the mortgage industry.In addition to Don Saxon's resignation, Florida CFO Alex Sink is also calling for an executive order to stop issuing and renewing mortgage broker licenses to convicted felons.On Sunday, the Miami Herald reported that more than 10,000 people with criminal records were allowed to work in Florida's mortgage industry.Of those, more than 4,000 cleared background checks despite committing crimes that state law requires regulators to screen, including fraud, rackateering and extortion.
Copyright 2007 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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