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Sink “Outraged” Over State Mortgage Licensing Failures, Wants Heads To Roll

Posted Jul 21, 2008 by William March

Updated Jul 21, 2008 at 04:56 PM

State Chief Financial Officer Alex Sink says the commissioner of the Florida Office of Financial Regulation should resign, following a newspaper investigation that revealed that the office gave mortgage broker licenses to thousands of people with criminal records, many of whom went on to rip off Florida mortgage borrowers.

Sink said she is “outraged” over the facts presented in the Miami Herald investigation.

“As one of four members of the Financial Services Commission, I am calling for the Commissioner of the Office of Financial Regulation to step down and for the immediate launch of a thorough investigation to identify why the people of Florida were not better protected,” she said in a written statement.

Commissioner Don Saxon responded with his own written statement, saying his office has hired a consultant to review its procedures, and will “fully address all issues.” He said state law allows his office to reject applicants only for certain types of crimes.