During Florida's housing boom, state regulators allowed thousands of mortgage professionals with criminal records in the industry - costing consumers millions.
The Miami Herald has a big expose beginning in this morning's issue, lest we think that there is something special about government at the more local level that endows it with extra virtue. Those Democrats! Oh, wait, we've had Republican administrations for the last nine years.
The Herald quotes Don Saxon, the commissioner of the Office of Financial Regulation, which licenses mortgage brokers: "The statute doesn't say that based on those offenses [murder, for example, bank robbery as another], they have to be denied a license. It's discretionary." I hope ol' Don gets through this without losing his State pension. He probably will.
And what about Terry Straub director of the OFR's Division of Finance? "We look at all the facts, you know, whatever file, and we predicate on the fact that everybody deserves another chance." What a great guy. Read the article. You simply would not believe the people that this agency licensed as mortgage brokers, not to mention what these brokers did once they were licensed.