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AARP director says 'new leadership' needed at OFR because of lax mortage regulation

Borrowers_banner AARP Florida state director Lori Parnham said today that it's time for "new leadership" at the Office of Financial Regulation in light of the Miami Herald series that exposed the lax oversight over mortgage brokers and loan originators.

"It is outrageous that Florida regulators have allowed convicted criminals, including felons found guilty of financial crimes, to be allowed to hold sensitive mortgage-broker licenses or to work as loan originators,” Parnham said in a statement.

“Faced with rising fiscal pressure and fixed incomes, older Floridians and those living with disabilities are particularly vulnerable to mortgage fraud.  The state clearly has failed in its obligation to protect these citizens.” 

“Since 2004, Florida property insurance rates have tripled, housing costs are high, food and fuel costs are skyrocketing, prescription drug costs are rising twice as fast as overall inflation, and millions of older Floridians are one serious illness away from financial ruin.  Now the state is issuing licenses to steal to convicted felons. It is time for new leadership in the Office of Financial Regulation and a new approach to protecting Florida consumers of all generations.” Read the series here.


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Vincente T. Rodriguez

It is only now that AARP's Director Ms. Parnham realized that Florida is in desperate need of new leadership...

Suggest she visits South Florida to really experience, first hand, what lack of leadership is all about.



The repubs, both at the statewide level and the Bush administration, have muzzled the regulators and let their friends in the mortgage and banking business runamuck with predatory loans in the ethnic communities. Elliot Spitzer was leading the call to have more oversight when he was taken down by the Feds.


Parnham doesn't have a clue. She's shooting herself in the foot. Hasn't AARP recevied help from OFR. Kiss that $ goodbye. Another idiot just like Sink looking for their 15 minutes of fame or way to further their own career by jumping on the bandwagon without having all the facts. Get a clue.


Bull, Rep Gelber, as a victim in the case of Peter J Porcelli II (Safe Harbour Foundation, Silverstone Lending LLC) Crist, McCollum, Sink and Saxon were notified by the victims as to what was going on. They all were provided a very detailed folder containing federal court doc's, FTC doc's, yet passed the buck right back to the OFR'S office. Their attorneys had the certified copy of Porcelli's, Tomasulo's and Harris's "Permanant Injunctions Barring them from Any Credit Related Products" from 2004 which was totally ignored.


They had more than enough evidence against Porcelli, Tomasulo and Harris to put into place a "emergency order to cease & desist" from allowing them to continue to take victims homes, did they no! They stood by as these criminals evicted families onto the streets.



They were also informed that in March 2007, Porcelli was indicted for scamming over 165,000 americans in a credit card scam. Yet allowed Porcelli to continue to evict homeowners? They also were informed in August 2007 that Porcelli was convicted. They also were informed when Porcelli was sentenced to 13 yrs in a federal prison and had to pay back 12 million to the victims. Yet they still did nothing.


Please don't say because other agencies were involved, it was clearly stated by the US Attorney's office that they would never request the OFR not to take actions in any on going cases involving the OFR. So that blows that theory.

All your heads should roll, not just Saxon's for this horrible mess. The state of florida needs to remove Crist from the Governors Mansion, McCollum from the Attorney Generals office, Sink from her office and place caring and competent individuals in those empty positions.

No wonder why Florida is the #1 state for all types of fraud, just take a good look at who is in these state offices.

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Patricia J. Hodes

The problem is when a complaint is made by a senior citizen to the Attorney Generals office they pass it on to the Office of Finance to investigate it. They send you this long letter letting you know that even if they find fraud, and the party is found guilty of everything you have accused them of, regarding your mortgage, you still have to have an attorney and sue them yourself. They will do nothing to help you. The investigation is strictly for legal matters on their part and not to
help you. Why do we bother with them? I sent them a good fifty papers with all kinds of proof in my case of fraud committed in regards to my mortgage which is in Foreclosure. It has been going on now since February of 2008. My last payment was October of 2007, when I asked for a payoff of my mortgage to do a Reverse Mortgage and they refused to give it to me or my broker. This was after fighting with them for adding $20,000 to a $74,000 mortgage that they attempted to
Foreclose and they flipped it to another one of Wells Fargo's sub-prime mortgage companies out of California, "Option One" that the Attorney General of California suspended so they had to get rid of all their mortgages by August of 2008. They joined with "American Home Mortgage" another sub-prime of Wells Fargo who is in Chapter 11. Now Wells Fargo is trying to Foreclose on the mortgage after refusing to give me the payoff I asked for back in October of 2007 before I was ever behind on the mortgage payment. When November 1, 2007 payment was due, half the
household income was lost due to a member of the household dying, so I could not make
November's mortgage payment. Since the original mortgage was so messed up, and I was not offered a three day right of recission and they didn't correct the note and mortgage as they agreed to do, I sent them a fax with the right to cancel the mortgage since I looked it up and it turns into three years when it is not offered when the mortgage is written according to TILA. All they did was ignore it. Still within the time period I sent them a second one by fax, both to the attorney’s
office and all their addresses and they still just ignored it as usual as they had the upper hand. That is why I just decided to do the Reverse Mortgage, but they said bluntly, "NO" you can't. Each and every time, I went into court and brought this up, I was ignored by the judge and finally this last time, he said looks like there will be a trial, you will need to hire an attorney. I am 69 and disabled. My income is only $874. a month Social Security as both my Mother who I cared for and she lived with us and was half of the Income and my husband have both passed away, they were both diabetics on dialysis. I have no intentions of losing my home. I can't be the only senior who is fighting to keep her home when her spouse has died. My home is only a two bedroom 1100 square foot CBS block which is 57 years old and needs a lot of work. I qualify for a Block Grant which our town
has just gotten, but as long as I am in Foreclosure I can't get the needed repairs done to bring my home up to HUD standards. I won't have any heat this winter, and there are many other problems in my home that need immediate attention, but I am not willing to lose my home for any reason. According to American Home mortgage, whom I have never dealt with, but whom after the foreclosure was filed and they sold the paper to they say due to non payment since this all started
the interest is now up to over $30,000 plus which makes the balance of the mortgage around
$130,000 due to Option One not giving me a payoff when I asked for it to do my Reverse
Mortgage. In canceling the bad flipped mortgage by Wells Fargo and one of the law firms that is under investigation by the Attorney Generals office the balance would go back to the $74,250 that I owed, then I could do my Reverse Mortgage and could qualify for the Block Grand and get my home repaired and brought up to HUD standards. But having to wait another year to go to trial and to hire an attorney I can't afford could cause me to lose my home to thieves and fraudulent acts of both the Attorneys and Wells Fargo through their sub prime companies and the Attorney Generals office and the Office of Finance will do nothing to stop it or help the senior citizens. How can this be happening in America. We all talk about doing something about fraudulent foreclosures, well here is one. I am an American female 69 with no one to help me

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