CENTRAL FLORIDA, Fla. -- It's hard to get a loan for a new home and for a timeshare it's nearly impossible. As a result, the industry wants to borrow taxpayers' money to fulfill those loans and get business moving.

Gabriel Areizaga retired after 20 years as a state tax auditor. He relies on a $1,200 monthly pension check and social security to make ends meet.

"That's my life blood," he said.

Areizaga says he can't believe private timeshare companies want to borrow from the Florida's Pension Fund to back current mortgages and build new resorts.

"We can't afford to lose any more than the billions we've lost so far," he said.

The state's pension fun had $126 billion in assets last year. Currently, it has $97 billion because of the economy.

Timeshare mogul David Siegel and other industry leaders want to borrow $2 billion. Siegel calls it a win-win situation.

"Advantage to the state. They would get more than normal return on their loans and they would be guaranteed we would replace any loans that default with good loans so they would always have good collateral," he said.

Orange County comptroller Martha Haynie says she isn't sold on the idea.

"The idea of getting involved in any mortgages is a bad idea. Getting involved in timeshares is absurd," said Haynie.

Siegel insists his plan is fail-proof and will put thousands of Floridians to work.

"We had to lay off 5,000 people when the credit crunch began. We would bring back those people and then some," he said.

But using public money to finance vacations is a gamble Areizaga says he can't afford.

"I'm totally against it," Areizaga said.

Siegal says a $2 billion loan from the state's pension fund would instantly create 2,000 jobs.

The group who oversees Florida's pension says the idea falls within the current investment guidelines, but investment managers have the final say.

According to American Resort Development Association, timeshare sales dropped 8 percent last year. The group says it's the first time it's ever seen sales fall since it first started tracking the statistic 34 years ago.