Bradenton Herald (FL) (07/30/08); Dolan, Jack; Klas, Mary Ellen
Florida Gov. Charlie Crist says the Office of Financial Regulation (OFR), the state's top mortgage regulator, has two weeks to draft proposals to tighten licensing standards for professionals who sell home loans in the Sunshine State. Crist also has assigned his own inspector general the task of investigating the OFR, following a Miami Herald investigation that provided evidence the agency allowed more than 10,000 convicted criminals to broker home loans in Florida between 2000 and 2007. The state currently has the highest mortgage fraud rate in the country, and the publication determined that ex-convicts licensed by the state committed at least $85 million in such fraud. Although OFR Commissioner Don Saxon insists the Herald exaggerated the flaws of his office, Crist has had to act amid the highly publicized controversy.
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