General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNew Federal Database Will Track Americans' Credit Ratings, Other Financial Information
http://readersupportednews.org/news-section2/318-66/23957-new-federal-database-will-track-americans-credit-ratings-other-financial-informationAs many as 227 million Americans may be compelled to disclose intimate details of their families and financial lives -- including their Social Security numbers -- in a new national database being assembled by two federal agencies.
The Federal Housing Finance Agency and the Consumer Financial Protection Bureau posted an April 16 Federal Register notice of an expansion of their joint National Mortgage Database Program to include personally identifiable information that reveals actual users, a reversal of previously stated policy.
FHFA will manage the database and share it with CFPB. A CFPB internal planning document for 2013-17 describes the bureau as monitoring 95 percent of all mortgage transactions.
FHFA officials claim the database is essential to conducting a monthly mortgage survey required by the Housing and Economic Recovery Act of 2008 and to help it prepare an annual report for Congress.
Critics, however, question the need for such a vast database for simple reporting purposes.
djean111
(14,255 posts)right?
But under the April register notice, the database expansion means it will include a host of data points, including a mortgage owners name, address, Social Security number, all credit card and other loan information and account balances.
The database will also encompass a mortgage holders entire credit history, including delinquent payments, late payments, minimum payments, high account balances and credit scores, according to the notice.
The two agencies will also assemble household demographic data, including racial and ethnic data, gender, marital status, religion, education, employment history, military status, household composition, the number of wage earners and a familys total wealth and assets.The mortgage database is unprecedented and would collect personal mortgage information on every single-family residential first lien loan issued since 1998. Federal officials will continue updating the database into the indefinite future.
So, if I think this is a disgustingly bad thing, does that make me a Libertarian?
Downwinder
(12,869 posts)djean111
(14,255 posts)But hey! A handy dandy database all set up and updated by Experian and others on a continuous basis! Wow!
Our government is just doubling and tripling down on in-your-face total lack of privacy.
Just think, what we know about is awful - what else are they doing?
The guy lied about this being only aggregate data already.
zeemike
(18,998 posts)Cause they have a reason to know everything about us.
geek tragedy
(68,868 posts)FROM THE ACTUAL NOTICE:
more:
https://www.federalregister.gov/articles/2014/04/16/2014-08566/privacy-act-of-1974-system-of-records#h-15
more:
http://www.insidemortgagefinance.com/issues/imfpubs_irs/25_3/news/GOP-Raises-Concerns-with-CFPB-FHFA-Mortgage-Database-Project-1000026028-1.html
djean111
(14,255 posts)"no, it just means you've been hoodwinked by libertarians."
Is kinda unnecessary. Also a bit hyperbolic.
In any event, I believe I have been hoodwinked by politicians with a "D" after their name - I don't actually trust anyone any more. I go by that deeds not words thing. Always.
geek tragedy
(68,868 posts)of mortgages for analytical purposes, not a comprehensive database of all mortgage holders.
as it turns out, not everything you read on the internet is true
TheBlackAdder
(28,211 posts)Though some might feel that big government is trying to get all in our business, whey need to collect this information to try and track industry-wide abuses.
Now some might regret this because they might have misrepresented their income, are hiding certain assets from ex-spouses, are hiding them from creditors, etc... but there is not other way to get trending data to see how interest rates are being abused, how various credit agencies skew their ratings numbers, some result in variances of over 100 points, etc.
blackspade
(10,056 posts)Orrex
(63,220 posts)It seems probable that they track the 99% in this fashion, at least.
[center][/center]
If she herself had had any picture of the future, it had been of a society of animals set free from hunger and the whip, all equal, each working according to his capacity, the strong protecting the weak, as she had protected the lost brood of ducklings with her foreleg on the night of Major's speech.
Instead--she did not know why--they had come to a time when no one dared speak his mind, when fierce, growling dogs roamed everywhere, and when you had to watch your comrades torn to pieces after confessing to shocking crimes. There was no thought of rebellion or disobedience in her mind. She knew that, even as things were, they were far better off than they had been in the days of Jones, and that before all else it was needful to prevent the return of the human beings.
Whatever happened she would remain faithful, work hard, carry out the orders that were given to her, and accept the leadership of Napoleon. But still, it was not for this that she and all the other animals had hoped and toiled.''
~George Orwell, Animal Farm
- History repeats from fiction to non-fiction.....
Historic NY
(37,452 posts)in their little scam, free credit reports.
jberryhill
(62,444 posts)OMG! The government is never getting my social security number!
eridani
(51,907 posts)The government does not fucking PUBLISH lists of Social Security numbers now.
jberryhill
(62,444 posts)The point being that the goverment, as far as I know, is pretty much aware of my social security number, and has been since they assigned it to me.
You know, we recently got pretty screwed by not having a good idea what was going on in certain lending markets.
This one reminds me of the "FCC is going to monitor newsrooms" thing from a little while ago.
But, in any event, I will demand the government stop messing with my social security number.
eridani
(51,907 posts)--I suggest you post it in this thread. Don't forget your mother's maiden name or the name of your first pet.
George II
(67,782 posts)Duh. Do you know who ISSUES social security numbers?????
jberryhill
(62,444 posts)This guy I know was going on about the "massive invasion of privacy" he believed was incident to signing up for private insurance on the exchange and "they ask for your social security number" was the top of his list.
As if there was some reason to be bothered by the government having your social security number.
eridani
(51,907 posts)--and PUBLISHING lists of same for all the world to see.
woo me with science
(32,139 posts)Our government's interest in us is no longer as citizens. It is financial. We are a human farm to them.
Complete with a relentless, lying propaganda machine intoning "2+2=5" and "Everything is A-okay in the USA."
I never thought I would see my country come to this.
Initech
(100,099 posts)I hate to use a slippery slope argument but we're literally a step away from debtor's prison. Bought and paid for by the very corporate criminals that put us in this position in the first place.
silvershadow
(10,336 posts)it? nt
Leme
(1,092 posts)I think they use a private contractor to store it. I think there already is a big one in Florida they use.
-
I am not kidding
George II
(67,782 posts)....the "database" applies only to mortgage holders. So, we're being told that of 315 million Americans, 227 million of them are mortgage holders? That's LUDICROUS.
Read past the hysteria, folks.
JimDandy
(7,318 posts)who has had a mortgage since 1998, regardless of whether they are current mortgage holders, hence the 227 million number.
George II
(67,782 posts)There are only 220 million Americans over the age of 21. So if the 227 million number is to be believed, that means that EVERY person over 21 years old would have to have a mortgage and then some.
JimDandy
(7,318 posts)might account for some of the discrepancy. The rest may end up being duplication caused by people having more than one mortgage. Richard Pollock should have to account for this number as he put it out there.
Gormy Cuss
(30,884 posts)The goal is to collect individually identifiable data on a random subset of individuals. The notice is a request for comment.
I don't know what the n is but the notice clearly states that it's a database of 1 in 20 first lien, single family residence mortgages, which probably translates into far fewer than 5% of individuals with mortgages.
III. Revised System of Records
The revised system of records, ``National Mortgage Database
Project'' (FHFA-21), will contain records related to loan-level
information on first lien single-family mortgages in existence at any
point in time from January 1998 to the present (and continuing on into
the future). It is designed to be a nationally representative random
sample (1-in-20) rather than a universal registry. The National
Mortgage Database Project will be built from representative credit
repository data and data from other administrative data sources,
including the National Survey of Mortgage Borrowers.
George II
(67,782 posts)jberryhill
(62,444 posts)From the people who brought you "ZOMG, the CENSUS!"
George II
(67,782 posts)LittleGirl
(8,288 posts)and putting it in one database will help. As an IT professional (unemployed) this is what we need to fix programs like immigration. I lived abroad and having a National ID and database is the only way to fix many of our problems. I don't think it's wrong at all. It's about coming into the 21st century. How about getting rid of the IRS? With this database, the employer could withdrawal all of your taxes so that you won't have to file a tax return every year.
We need to stop living in the 20th century and start realizing that our computer expertise is being curtailed by old thinking and doing. This is the future.
davidthegnome
(2,983 posts)"Critics also warn the new database will be vulnerable to cyber attacks that could put private information about millions of consumers at risk. They also question the agencys authority to collect such information."
Well, uhm, yes. That's definitely a bit of a concern. If this is open to cyber attacks and hacking attempts - can you imagine the possible consequences? Remember what happened with Target? A company where it couldn't possibly happen, because they could surely be trusted to protect customers financial information....
I thought we already pretty much gathered the information we really need through the Census? Why is all of this information necessary for reporting purposes?
Thinkingabout
(30,058 posts)They also do not ask for mortgage company names. There is some information as to the population count by area but other information is held for 72 years.
geek tragedy
(68,868 posts)Half-Century Man
(5,279 posts)Financial records are, not now nor have ever been, about the in inherent fiscal responsibility of any individual. But about the circumstances, not under the individual's control, of their life. As an example, me, I never participated in any way with my multi-national corporation's decision to shut down, sell off, or transfer all remaining assets of a business group (5 factories, 4 countries, over 3000 workers) to a shell company in India. However, my life and ability to repay loans was deeply impacted.
Now are the middle class's losses during the 40+years of class warfare conducted by moneyed interests going to be used as the basis for further abuse?
Given that the Financial Industry is predatory in nature, directs policy to the federal government, has a vested interest in keeping rates high (poor scores=high rates of interest, if I get a loan it is at 34.9%), and doesn't currently have their hooks in everyone. I can't help but writhe in fear as to what the actual point of this data base might be.
Further more, as more and more employment applications involve a credit check (which once again, is not a good indicator of character); will this federal database be part of employment chances. And what collateral damages could be inflicted on us by well meaning elected representatives (ALEC traces anywhere in this?)?
Leme
(1,092 posts)woo me with science
(32,139 posts)They have hollowed out the middle class, stolen billions, are dismantling the Constitution. Millions of Americans are desperate and cannot find work, and their response is to compile new financial databases on us.
What we see being carefully constructed around us is fascism, pure and simple. Their interest is in profiting from us, not in representing us as citizens and human beings.
yallerdawg
(16,104 posts)We can't trust our government.
We are giving up our freedom.
Do we control the government, or does the government control us?
We need smaller government.
The government shouldn't have my social security number!
Oh -- "Hello, Tea Party."
eridani
(51,907 posts)If you want them to, let them publish yours for any hacker to see. Not mine, thankyewverymuch.
If you really don't care, post your real name and Social Security card number in this thread. Also your mother's maiden name and the name of your first pet.
geek tragedy
(68,868 posts)jberryhill
(62,444 posts)It's okay. As soon as the paid shills show up, they scatter.
Er. Uh.
woo me with science
(32,139 posts)geek tragedy
(68,868 posts)Who thought of that agency anyways?
Credit bureaus already have this information on you. Hello.
And, readersupporternews is a pretty much worthless site. Get back to use with something besides clickbait.
other sites covering this:
rt.com
prisonplanet.com