The Real Deal Miami

Florida AG McCollum seeks mortgage probe

July 29, 2008 10:45AM

The revelation that more than 10,000 people with criminal records were allowed to enter the mortgage business over a seven-year span prompted Florida Attorney General Bill McCollum to call for an investigation into the business practices of the Office of Financial Regulation, which oversees the industry. He said he wants the state to review licensing procedures and said it is disturbing that ex-felons were able to obtain licenses to be in positions of trust and subsequently breach that trust. At least $85 million worth of mortgage frauds were perpetrated over that time period.  Last week, Florida Chief Financial Officer Alex Sink called for a probe and for the resignation of the agency’s leader, Commissioner Don Saxon.