What Can Go Wrong Will Go Wrong...especially in Florida
The Miami Herald is running a great expose on the mortgage business in Florida. I picked up on the story on National Public Radio's "All Things Considered". I'm sure this will make headlines around the country this week. While I've never encountered anything like this in New York, but this is all the more reason to work with a Realtor and seek referrals to the allied professionals we all need to help us complete our real estate transactions.
When Scott Almeida walked out of federal prison and into the mortgage business, he took a gamble. He admitted on his license application that he had been convicted of cocaine trafficking.
Florida regulators -- responsible for protecting borrowers from predatory brokers -- could have rejected him on the spot.
Instead, they asked for a character reference: He gave them a note from his mom. They said he needed a reputable supervisor for his practice: He chose a guy he met in the prison visitor room.
They asked for a copy of the court file but never demanded the police report, which shows that he had been caught with a small arsenal of assault rifles and ammunition, in addition to the cocaine. Read the entire article.