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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.