Presented by Ricardo & Wasylik, PL

Previous post:

Next post:

Florida gave broker licenses to felons, then let them keep stealing

by Mike on August 12, 2008

The last part of the Miami Herald exposé has run, and the findings are damning.  Not only did Florida’s Office of Financial Regulation fail to keep felons from entering the mortgage brokering industry, but once they were in and began stealing money from homeowners, the OFR didn’t pull their licenses.

Complaints to the Office of Financial Regulation — the state agency created to police the industry — were routinely ignored, leaving consumers to fend for themselves, according to public records and interviews.

Among those dismissed: 10 complaints against a notorious Broward brokerage whose president eventually pleaded guilty to $21 million worth of mortgage fraud.

During an eight-month investigation, The Miami Herald analyzed more than 1,400 final orders issued by the agency between 2000 and 2007 and posted on the OFR website, reviewed quarterly reports the agency presented to the Florida Cabinet and scrutinized the agency’s annual industry newsletters.

The article blames Saxon for failing to effectively lobby for more staff to enforce existing regulations.

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

Previous post:

Next post: