During Florida's housing boom, state regulators allowed thousands of mortgage professionals with criminal records into the industry -- costing consumers millions.
Borrowers Betrayed introduction
The Herald's investigation found that the state has licensed over a thousand convicted felons as mortgage brokers and has allowed two thousand felons to work as unlicensed loan originators.
During Florida's housing boom, state regulators allowed thousands of mortgage professionals with criminal records into the industry -- costing consumers millions.
Gary Kafka, former body builder with a long rap sheet and violent past, wrote millions of dollars in mortgages in South Florida without ever applying for a state license.
State regulators caught mortgage professionals breaking the law but allowed them to stay in the business with few consequences, The Miami Herald found.