The Washington Examiner is reporting that two federal agencies are making plans to seize the private financial records of millions of American mortgage borrowers for use in a centralized database. The Consumer Financial Protection Bureau and the Federal Housing Finance Agency currently maintain a National Mortgage Database Program which was initially designed to hold generic data about the mortgage marketplace. However, the executive branch regulatory bureaus appear to have made a policy reversal regarding the private data of citizens and are now seeking a wide range of financial and demographic data points on specific citizens for inclusion in the searchable database.
The database would contain records on any Americans who have taken out a single-family residential first lien loan at any time from 1998 onward. The compiled data points would be very comprehensive and would include not only financial records such as credit histories, social security numbers, reports on total assets, and credit card transactions, but also unrelated demographic data, including information on the age, race, religion, and number of residents in the household.
Read more: http://benswann.com/feds-plan-to-seize-financial-records-of-us-mortgage-holders/#ixzz33W7w46lz
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