by Tom Morcom - State Government Affairs Chair

     Florida's Commissioner of the Office of Financial Regulation - Florida's Top Mortgage Regulator Resigns. Florida mortgage regulator Don Saxon abruptly resigned Tuesday, August 12, as the state's Cabinet debated his fate.   After Saxon unveiled emergency changes to toughen the state's licensing rules for mortgage brokers, Chief Financial Officer Alex Sink called for his resignation for the second time in three weeks.  This time, Gov. Charlie Crist seconded the motion.

     Before they could vote, Saxon interrupted, offering to step down effective Sept. 30, signaling the end of a state government career that began 33 years ago.
In addition to being Florida's chief Mortgage Regulator, the Commissioner of OFR oversees the Division of Securities and the division of Financial Institutions including state chartered banks
     The Division of Securities protects the investing public from investment and securities fraud while facilitating capital formation in the State of Florida.
      The Division of Financial Institutions charters, examines and regulates state-chartered financial institutions to ensure they operate in a safe and sound manner and in compliance with applicable state and federal laws and regulations.
     Finding a new Commissioner to oversee these complex and diverse industries will be difficult.  The Florida Association of Mortgage Brokers knows Florida's Cabinet will work diligently to find the right person for this important job.
     We also wish Don Saxon well in his retirement and in his future tasks.

Another Week - Another Failed Bank

      On August 26 the FDIC's announced its problem list of banks grew to 117 institutions from 90 at the end of the first quarter. That is largest number on the list since the middle of 2003. In August the FDIC also announced they closed three banks:

     On August 1, First Priority Bank, Bradenton, Florida, was closed by the Commissioner of the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named receiver.  The cost to the FDIC's Deposit Insurance Fund is estimated to be $72 million.
     On August 27, The Columbian Bank and Trust Company, Topeka, Kansas, was closed by the Kansas Bank Commissioner and the Federal Deposit Insurance Corporation (FDIC) was named receiver.  The cost to the FDIC's Deposit Insurance Fund is estimated to be $60 million.
     On August 29, Integrity Bank, Alpharetta, Georgia was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation was named receiver.  The FDIC estimates that the cost to its Deposit Insurance Fund will be between $250 million and $350 million.

     As you can imagine, Florida's new Commissioner of the Office of Financial Regulation will have their hands full keeping all of Florida's financial markets and financial industries stable.  And Mortgage Brokers will continue to play an important role by providing a wide selection of mortgage products available to Florida's citizens.

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Everyday elected officials make decisions that affect you, your family and your business.  You're choice is whether to be a victim of the process or a participant.  Casting your ballot on Election Day is the only direct control of government you are guaranteed in the United States Constitution and the easiest way to participate in the process.

Electing the right decision-makers is the key to protecting your business.
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