Florida ratings agency consultation – a “waste of the taxpayer’s money”?

Florida’s joint legislative budget commission approved the $1.5 million consultation to investigate Demotech alternatives earlier this month.

The consultation, according to deputy CFO Julie Jones, could see the creation of a “public ratings agency”, with findings set to be presented to the executive governor’s office and the legislature in 2023.

The department expects “several competitive bids” during the process and hopes to keep costs below $1.5 million, Jones told the commission.

At least four other ratings agencies are understood to already be acceptable to the GSEs. Florida insurers are not required to be A-rated. However, federal mortgage providers Fannie Mae

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