With his job on the line, the state's top financial regulator is disputing published reports that the number of felons licensed as mortgage brokers could be as high as 10,000 people.

"If we made mistakes, they were honest mistakes," said Don Saxon, Financial Regulation Director. "Contrary to media reports we do not have a systematic process of licensing felons."

The embattled director is now proposing a rule prohibiting issuing a license to anyone convicted of a felony in the last seven years.

CFO Alex Sink says the proposed change is too little too late.

"I happen to believe, and have been told, that there are many systemic problems about the licensing operations," said Sink.

Over the next two weeks, auditors will look at how mortgage licenses are granted, how much scrutiny felons are given, and whether the agency is following the law.

The embattled regulator is confident the truth will reign out.

"They'll find out that we've been making the right choices for the things that we believe are in the best interest of the general public," said Saxon.

His job depends on it. It would take three of the four votes on the State Cabinet to fire Saxon.