Florida State Investigators: "Bad Brokers Ran Wild"

In Tallahassee, Florida, The Miami Herald reports:

• In a stinging critique of the state's oversight of the mortgage industry, top Florida investigators found that state regulators failed to alert police agencies to crooked mortgage brokerages, ignored citizen complaints and allowed hundreds of people with criminal histories to peddle loans.

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• The six-week probe was prompted by a Miami Herald series, Borrowers Betrayed, that found sweeping breakdowns in the state enforcement system, including the licensing of thousands of criminals, including money launderers, racketeers and cocaine traffickers.

For more, see Bad mortgage brokers ran wild, Florida admits (A state probe, prompted by a Miami Herald investigation, says the state did not protect people against crooked mortgage brokerages).