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Report: Criminal Records In Fla. Mortgage Industry

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Jul 21, 2008 9:49 am US/Eastern

Report: Criminal Records In Fla. Mortgage Industry

MIAMI (CBS4) ― Florida's chief financial officer is calling for the state's top mortgage regulator to step down after a Miami Herald report found that thousands of people with criminal records were allowed to work in the mortgage industry. Herald columnist Matt Haggman talked about the investigative report on The Jim and Jade Show on Monday.

In addition to Don Saxon's resignation, Florida CFO Alex Sink is also calling for an executive order to stop issuing and renewing mortgage broker licenses to convicted felons.

On Sunday, the Miami Herald reported that more than 10,000 people with criminal records were allowed to work in Florida's mortgage industry. Of those, more than 4,000 cleared background checks despite committing crimes that state law requires regulators to screen, including fraud, rackateering and extortion.

(© MMIX CBS Television Stations. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. CBS4 news partner The Miami Herald contributed material for this report)

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