Breakspear provided interesting facts about the state of Florida and its economy.
- Florida was hard hit by the financial crisis in 2008, but the economy is recovering. The unemployment rate at one point was at 11%, but now is down to 6.2%.
- In 2011, 93,000 mortgage loans were originated in the amount of $16 billion. In 2013, 250,000 mortgages were made in the amount of $50 billion.
- In Miami, 60% of homes are paid for in cash.
Breakspear concluded his remarks by stressing the need for smart, efficient, and effective regulation. “We need a healthy, thriving, and appropriately regulated financial services industry in this country,” he stated.