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Florida broker regulator Saxon out of a job; felons still brokering loans

by Mike on August 13, 2008

Don Saxon, chief regulator overseeing Florida’s licensed mortgage brokers, resigned at yesterday’s meeting of Florida’s Cabinet. Saxon resigned rather than try to defend his job after a surprising move by Governor Charlie Crist supporting a motion to fire Saxon.

Saxon has come under heavy fire for failing to protect Florida homeowners from convicted felons working as mortgage brokers, both when they applied for licenses, and even when they continued to steal money from borrowers while acting as brokers.

The Cabinet also passed new emergency rules restricting the issuance of licenses to criminals in the future, but Attorney General Bill McCollum expressed some doubt if the emergency rules were within the Commission’s legal authority: “‘I think we ought to try it,’ the attorney general said. ‘It may be legal, it may not be legal.'” The Cabinet did not act to revoke the licenses of felons currently brokering loans.

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