The Real Deal Miami

Mortgage licensing reform sought

August 12, 2008 12:10PM

The state Office of Financial Regulation called for massive changes to the way Florida licenses mortgage professionals in an attempt to bar financial criminals from getting into the business. Commissioner Don Saxon, the beleaguered head of the department, said emergency measures were needed. He remains under pressure to quit after a Miami Herald investigation showed that his office allowed more than 10,000 people with criminal histories to work in the mortgage industry since 2000. Some of those convicted felons went on to fleece consumers and lenders of at least $85 million.