BORROWERS BETRAYED PART 3

What They're Saying

 

--Don Saxon, the state's top mortgage industry regulator, said prosecutors routinely ask his agency not to revoke the license when a broker is the target of a criminal probe, "the last thing we would ever want to do is impede an investigation.''

--David Weinstein, spokesman for the U.S. Attorney in Miami: "We do not routinely ask OFR to refrain from taking license action during an active criminal investigation. Once a criminal case is filed, we would never ask OFR to refrain from taking license action.''

--Saxon said he aggressively lobbied Florida Senate and House committee chairs that oversee his agency, the Office of Financial Regulation, for more money to investigate questionable mortgage brokers. "I assure you, we do everything in our power to be convincing.''

--Sen. J.D. Alexander, R- Winter Haven: "There was very limited sense of urgency from OFR...Quite frankly I think the committee had more of a sense of urgency than he did.''

--Rep. Ron Reagan, R-Sarasota: "I cannot recall any specific mention that there was a problem with mortgage fraud and he needed to clamp down. I think I would have remembered if he said we have this horrific problem out there and we need to fix it.''

Read more Borrowers Betrayed stories from the Miami Herald

  • Miami Herald's 'Borrowers Betrayed' series is honored

    The Miami Herald's Jack Dolan, Matthew Haggman and Rob Barry won one of the nation's most prestigious journalism awards for their stories last year revealing the state's failure to police Florida's troubled mortgage industry.

  • BORROWERS BETRAYED PART 1

    Ex-convicts active in mortgage fraud

    During Florida's housing boom, state regulators allowed thousands of mortgage professionals with criminal records into the industry -- costing consumers millions.

  • BORROWERS BETRAYED PART 2

    Thousands with criminal records work unlicensed as loan originators

    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.

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