The Real Deal Miami

Saxon bows out amid scandal

August 13, 2008 11:41AM

Don Saxon, chief of the Office of Financial Regulation, will resign his post next month as the state overhauls the tepid safeguards that allowed more than 10,000 people with criminal records to enter the mortgage industry. Over seven years, some of those people helped contribute to at least $85 million worth of mortgage fraud. Saxon will leave his post after a 30-day audit of his agency. He said he recognized that closer oversight was needed.