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Don Saxon on the hot seat: Should Florida’s top mortgage lending regulator keep his job?

by Mike on July 29, 2008

In the wake of last week’s Miami Herald investigation on this state’s willingness to let convicted fraudsters work as mortgage brokers, the state’s top mortgage lending regulator Don Saxon meets today with the Governor’s Cabinet who will consider, among other things, whether Saxon should keep his job.

State Chief Financial Officer Alex Sink last week called for Saxon’s resignation. On Monday, Sink said she was not ready to make such a motion at today’s meeting – though she continued to talk tough about Saxon, saying she had not changed her mind about replacing him.

Sink is one of four members of Florida’s Cabinet.

The St. Pete Times thinks Saxon ought to go:

If the Herald’s findings are not enough to take action, Crist and the Cabinet should read a scathing report issued in March by the statewide grand jury about the office’s regulation of check cashers. Here’s a snippet: “We conclude that the agency most responsible for insuring compliance by check cashers has failed to aggressively root out fraud and money laundering from the check cashing industry.”

Well, and there’s more. in the course of representing victims of foreclosure fraud, I have learned that high-level officials in Saxon’s office directly interfered with active investigations, modifying final reports and watering down actions against obvious foreclosure rescue scam – even when the main perpetrators were already convicted of felony fraud. I can’t quote sources, and I can’t name specifics, but when it breaks, I’ll confirm what I know to you.

Want to know more? Contact us at Ricardo & Wasylik, PL.

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