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lquadland10 (< 20)

The land of the Free..............



June 02, 2014 – Comments (3) | RELATED TICKERS: GS , JPM , C

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.
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3 Comments – Post Your Own

#1) On June 03, 2014 at 12:43 AM, tomlongrpv (61.81) wrote:

I have news for you.  Your mortgage data in the form of your note and deed of trust are public record on file with the couty recorder and this is the way it has been for literally hundreds of years.  It's easier to get the data now because of technology but the information is and always has been public record.  Some if not all of the other data you describe is also public record.  Where you live, when you were born, etc. are also all matters of public record. 

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#2) On June 03, 2014 at 2:34 PM, miteycasey (29.05) wrote:

Heck...I can even see how much you paid for your house and use that against you in negotiations.

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#3) On June 03, 2014 at 2:58 PM, elcid24 (58.85) wrote:

Land of the free...

and the home of the Whopper.


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