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New Federal Database Will Track Americans' Credit Ratings, Other Financial Info

timothy posted about 4 months ago | from the but-they-know-your-social-security-number dept.

United States 294

schwit1 (797399) writes "As 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 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. The 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."

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the Putin stage (5, Insightful)

Anonymous Coward | about 4 months ago | (#47137003)

The point where your oligarchs completely stop pretending you have any democratic say in your country.

Re:the Putin stage (1)

Anonymous Coward | about 4 months ago | (#47137037)

It's a federal financial database, not state-run news agencies. Oh no! The government knows information that I already give other government agencies!

Re:the Putin stage (2)

Opportunist (166417) | about 4 months ago | (#47137081)

The difference is probably that all the "interesting" data is now neatly collected in one place, ready to be used.

Some countries actually have laws in place to keep their governments specifically from doing just that.

Re:the Putin stage (0)

Anonymous Coward | about 4 months ago | (#47137127)

But we certainly must not legislate such evil communist european examples.

Re:the Putin stage (3, Insightful)

x0ra (1249540) | about 4 months ago | (#47137245)

To some extend, I doubt the US constitution authorize the Government to do that, but it would not be the first time it exceed its prerogative, and certainly not the last one either.

Re:the Putin stage (0)

geekoid (135745) | about 4 months ago | (#47137439)

The US constitution authorizes congress to do anything it wants. It just needs to have conress approval.

Re:the Putin stage (3, Insightful)

Anonymous Coward | about 4 months ago | (#47137689)

No, in fact the Constitution is a regulative document not a normative document.
Regulative means that the Federal Government is only granted those powers explicitly stated in the Constitution, Normative means it would have those powers plus any others it might need. So my proof that the Constitution is normative comes from the 10th Amendment: "The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."

For more info try http://www.di.unito.it/~guido/articoli/CONFERENZE/.svn/text-base/43-kr04.pdf.svn-base

Re:the Putin stage (5, Informative)

CrimsonAvenger (580665) | about 4 months ago | (#47137775)

No, actually it doesn't.

There's a whole section of the Constitution concerning Congressional Powers (and another for Executive Powers).

And then there's the "if we didn't mention it, it's a prerogative of the States of the People" part (10th Amendment.)

Re:the Putin stage (2)

dmbasso (1052166) | about 4 months ago | (#47137241)

It is one more piece on the 1984 puzzle. It actually made me remember the movie What About Bob? [imdb.com] : baby steps to total information awareness / citizen extortion state, baby steps to police state, baby steps to fucking irrecoverable totalitarian oligarchy... hey, is that Winston Smith?

Re:the Putin stage (3, Insightful)

Jane Q. Public (1010737) | about 4 months ago | (#47137429)

It's a federal financial database, not state-run news agencies. Oh no! The government knows information that I already give other government agencies!

No, it's about the government snooping into a lot of information that it DOESN'T already have (on most people, anyway) and doesn't have any legitimate reason to have.

Since its inception, the Consumer Financial Protection Bureau has been far more about snooping than protecting anybody. And now they're saying they're going to do something they were never supposed to do in the first place, and promised not to do.

If this doesn't bother you, you have your head in the sand.

Re:the Putin stage (1)

Anonymous Coward | about 4 months ago | (#47137603)

No, it's about the government snooping into a lot of information that it DOESN'T already have (on most people, anyway) and doesn't have any legitimate reason to have.

It would help if stuff like this was highlighted in this kind of news, instead of stupid distractions like "Oh noes, the government might find out your SSN."

Re:the Putin stage (3, Informative)

meerling (1487879) | about 4 months ago | (#47137561)

Last I heard, the government already has your financial information, through the IRS, and your social security number, they assigned the darned thing to you.

Re:the Putin stage (2)

K. S. Kyosuke (729550) | about 4 months ago | (#47137567)

In the 1850s, Austria-Hungary was in theory censoring all the printed media in the empire. But the technical reality was that there were fifty guys scribbling with quills who had virtually no ability to control what gets disseminated anywhere beyond the major newspapers and such. In the 2010s, USA and Europe in theory respects the laws protecting the privacy of individual citizen. But the technical reality is that the society is computerized to such a degree that stuff about people jumps at you even without you trying to find it.

Re:the Putin stage (1)

ganjadude (952775) | about 4 months ago | (#47137207)

for real. civilization is how many years old now?? we made it this long without a having every single detail in a database, we dont need one now.

Re:the Putin stage (2)

x0ra (1249540) | about 4 months ago | (#47137253)

You do, because you live in a country where sub-prime rated folk think they can afford a $500000 mansion. And thus need the Government to prevent stupid.

Re:the Putin stage (4, Informative)

x0ra (1249540) | about 4 months ago | (#47137259)

btw, YES, I do believe that the whole mortgage crisis was caused not by banks, who merely provide a tool, but by the people with bad credit history thinking they can buy the american dream.

Re: the Putin stage (3, Insightful)

amiga3D (567632) | about 4 months ago | (#47137319)

You would think the banks would ha e an obligation to protect investors' money.

Re:the Putin stage (3, Insightful)

ganjadude (952775) | about 4 months ago | (#47137329)

i agree that its not the banks fault. Its the people who bought the homes, but its also the governments fault for mandating banks make the loans

Re:the Putin stage (5, Insightful)

ebno-10db (1459097) | about 4 months ago | (#47137405)

i agree that its not the banks fault.

So a bank that hands somebody a few hundred thousand dollars without due diligence is not at fault?

While we're at it, what changed? I got my mortgage in 1999, and it came with all sorts of things beyond (a largely meaningless) credit check, like past tax returns showing level and continuity of income, disclosure of other debt, and all sorts of sniffing up my butt even though I have an honest face. What suddenly made banks so trusting? (hint: look up CDO's, CDS's, and all sorts of other three letter scams that were popular around 2000-2008).

i agree that its not the banks fault. Its the people who bought the homes, but its also the governments fault for mandating banks make the loans

Ah, the CRA red herring. Passed in 1977, but magically took 30 years before it had any ill effect.

Re:the Putin stage (5, Informative)

ganjadude (952775) | about 4 months ago | (#47137431)

I believe there were changes made in the 90s that mandated banks give out more loans

Re:the Putin stage (5, Insightful)

geekoid (135745) | about 4 months ago | (#47137459)

And that wasn't even the real problem. the collapse happened becasue there where taking c/d/f loan and bundling them up with A loans and calling the whole package an 'A'
And we are talking abut millions of loans being resold.

The collapse would never have happened if banks where forced to sit on a loan the made for 5 years.

Re:the Putin stage (1)

geekoid (135745) | about 4 months ago | (#47137447)

well, you are demonstrably wrong. This is thoroughly investigated, but hey, you don't let facts change your narrative. The next thing you know you'll have to start applying thought to your biases, and you can't have that, can you?

Re:the Putin stage (1, Insightful)

ganjadude (952775) | about 4 months ago | (#47137325)

who can we blame for that? Id say its the governments fault for mandating the banks give out the loans to people the banks knew couldnt pay for them. I believe this happened under clinton? im not 100% however

Awesome! (0)

Anonymous Coward | about 4 months ago | (#47137031)

I see no way in which have all these life-defining records collected all neatly in one place could ever possibly be a failure of an idea.

Re: Awesome! (0)

Anonymous Coward | about 4 months ago | (#47137055)

It just makes collecting and verifying taxes owed so much easier... Oh, you made a big purchase... In cash? Red flag! You are living outside of your mans, another red flag. Hurray for "random" audits! Our government exists to keep us citizens honest, and that is why we trust them.

Re:Awesome! (0)

Anonymous Coward | about 4 months ago | (#47137057)

Give me an example that would make me think this isn't just useful aggregate economic data that they basically already had. It was the word "compelled" wasn't it? That was what got you all worried that the government was intruding on your life.

They already collect taxes and your SSN is issued by them. Who cares if they aggregate that (note, for our benefit).

Credit rating databases aren't new (5, Insightful)

Anonymous Coward | about 4 months ago | (#47137047)

As opposed to the private credit rating agencies that have all your personal credit information with zero transparency and accountability?

I'd rather this be in the public sphere where hopefully the agency has my interests at heart, rather than some private, for profit corporation.

Of course I live in Soviet-Canuckastan, so my opinion may differ from my "freedom loving free marketer loving" cousins to the south...

Re:Credit rating databases aren't new (1, Interesting)

bmo (77928) | about 4 months ago | (#47137173)

As opposed to the private credit rating agencies that have all your personal credit information with zero transparency and accountability?

Remember the ol' "OH NOES DEATH PANELS" panic and propaganda that Fox, the Tea Pottyers, and Sarah Palin were trying to sow? I found it hilarious, considering I had HMO coverage through United Health at the time.

Even a 1% public interest (what this is) is better than the anti-public-interest we have right now.

Soviet-Canuckistan

We demand the freedom to be fucked by corporate interests! I demand to pay twice as much as Canadians do and get worse healthcare!

--
BMO

Re:Credit rating databases aren't new (2, Insightful)

ganjadude (952775) | about 4 months ago | (#47137223)

except for we in a round about way already do have the death panels

remember the little girl who needed an organ transplant? she was told no and they actually had to bring it to court to save this girls life

now all the news about secret waiting lists at the VA deciding who has to wait months and months for treatment could be called death panels

you guys made fun of us for being concerned of abuse. well, now we can actually see the abuse

Re:Credit rating databases aren't new (1, Interesting)

Anonymous Coward | about 4 months ago | (#47137265)

remember the little girl who needed an organ transplant? she was told no and they actually had to bring it to court to save this girls life

now all the news about secret waiting lists at the VA deciding who has to wait months and months for treatment could be called death panels

Oh yeah, and private insurers never denied coverage to anyone, acting as "death panels" in your terminology. Nope.

Re:Credit rating databases aren't new (2, Insightful)

ganjadude (952775) | about 4 months ago | (#47137355)

I never said they didnt. but my argument was never that private insurance did not do that. the government said they would not do that, and laughed as us for believing they would... yet here they are proving us right. Learn to focus on the topic at hand. Next your gonna tell me its bushes fault as well right?

Re:Credit rating databases aren't new (3, Informative)

geekoid (135745) | about 4 months ago | (#47137475)

They don't do that. You are twisting facts to fit your lame argument.

Tea Parties definition is:
Death panels = Determining which elderly would get care.
which is false.

Some management at an organization breaking the law is nothing like the death panels issue.

Stop lying to fit things into your narrative.

Re:Credit rating databases aren't new (3, Informative)

ganjadude (952775) | about 4 months ago | (#47137533)

im not lying at all. as you pointed out I guess we could use different definitions of death panels, but the facts are simple. Burocrats deciding who lives or die rather than doctors. it is a fact, it did happen and they admitted it happened.

we can argue all day about whos definition is correct or not, or we can work towards making sure it doesnt happen again

Re:Credit rating databases aren't new (1)

EvanED (569694) | about 4 months ago | (#47137583)

I'm not going to Bush's fault you. What I will say was that all the "omg death panels" nonsense was presented as if there was some change from the current status quo, or at least without saying "omg this moves the death panels from the companies to the gov't! oh noes!" It was presented as if the death panels were an argument against gov't health care, while that argument would then equally (or, arguably, more, as private health care has a direct profit motive and government health care can at least pretend to not) apply to "we should scrap the current system."

Re:Credit rating databases aren't new (1)

ColdWetDog (752185) | about 4 months ago | (#47137461)

She was told 'no' because she went through a carefully thought out and vetted process designed to deal with a very limited supply of a very important item (an organ). The parents decided to escalate the issue and brought the courts in - which was completely inappropriate (if understandable). This was a 'think of the cute little child' moment and had nothing to do with 'death panels' or rationing.

So, unwrap your panties. Life is more complex than cleaning out the bong.

Re:Credit rating databases aren't new (1)

ganjadude (952775) | about 4 months ago | (#47137537)

Life is more complex than cleaning out the bong.

have you SEEN some of these bongs today??? not exactly simple cleaning ;)

Re:Credit rating databases aren't new (1)

EvanED (569694) | about 4 months ago | (#47137619)

She was told 'no' because she went through a carefully thought out and vetted process designed to deal with a very limited supply of a very important item (an organ). The parents decided to escalate the issue and brought the courts in - which was completely inappropriate (if understandable). This was a 'think of the cute little child' moment and had nothing to do with 'death panels' or rationing.

Exactly. The courts got involved, and saved the girl's life. But what about the person who they thus killed who otherwise was going to get that organ? (Or maybe person #4 on the list, who was going to get the organ that #3 wound up getting because person #2 wound up getting the organ that #3 was going to get because #1 got the organ that #2 was gonna get because the girl got the organ that #1 was gonna get.)

If your example is meant to be illustrating how the courts were correcting the "death panels" taht set the guidelines by which she was denied... how does that not make the courts just the new death panels?

Re:Credit rating databases aren't new (2, Interesting)

Anonymous Coward | about 4 months ago | (#47137297)

I demand to pay twice as much as Canadians do and get worse healthcare!

--
BMO

Honestly Canada's health care reputation is based on its performance in the 80's and early 90's its pretty shit right now especially if your not in Ontario

Re:Credit rating databases aren't new (1)

ebno-10db (1459097) | about 4 months ago | (#47137423)

Honestly Canada's health care reputation is based on its performance in the 80's and early 90's its pretty shit right now especially if your not in Ontario

Evidence? (preferably not from Fox news).

Don't worry though, health care costs in the US have gone up way faster that inflation, with no appreciable improvement in outcomes but a higher likelihood of bankruptcy.

Re:Credit rating databases aren't new (0)

Anonymous Coward | about 4 months ago | (#47137317)

You are everything that is wrong in this world.

Re:Credit rating databases aren't new (2)

ganjadude (952775) | about 4 months ago | (#47137215)

I'd rather this be in the public sphere where hopefully the agency has my interests at heart, rather than some private, for profit corporation.

key word there is hopefully. I dont have any hope in our current government to do the right thing

Re:Credit rating databases aren't new (1)

ebno-10db (1459097) | about 4 months ago | (#47137435)

I dont have any hope in our current government to do the right thing

I don't have much hope either, but I am certain that the financial industry will do everything in its power to fuck me up the ass. I'll take ineffectual any day of the week.

Re:Credit rating databases aren't new (3, Informative)

ganjadude (952775) | about 4 months ago | (#47137455)

true, my only issue with that is I can avoid doing business with *insert private company here*, I have yet to figure out a way to legally avoid doing business with the feds

Re:Credit rating databases aren't new (1)

geekoid (135745) | about 4 months ago | (#47137485)

well you know for a fact, and hove no control over, the private companies will sell and manipulate your data.

The government gives you the opportunity to find out what they are doing.

Re:Credit rating databases aren't new (1)

ganjadude (952775) | about 4 months ago | (#47137527)

The government gives you the opportunity to find out what they are doing.

i wish this were true but if it were wouldnt have the need for wikileaks and edward snowden. As I said to the other poster though, I can chose to do business with private company ABC, i dont get to choose if i do business with the federal government. Ill take the option of choice over force anytime

Re:Credit rating databases aren't new (5, Insightful)

Connie_Lingus (317691) | about 4 months ago | (#47137271)

hate to burst your utopian-bubble, but the last time i checked, in world history Government has caused, roughly, about a bazillion times more pain and sufferings than any corporation could ever even begin to conceive of.

i can't get my head around this "trust the government" meme..."government" is nothing but a group of busybody people (yes the same type of people who work in corporations, and at taco bells, and everywhere else btw) who crave power and use personality and politics, NOT merit or compassion, to secure their base and influence and really care much less about your personal miseries and stresses then the typical corporate executive does.

its bad business to anger and kill your customers, governments rarely care about that sort of stuff, esp. they get in the way of maintaining their power over you and your life.

at least corporations have to compete for your blessings, and can pretty easily be displaced.

Re:Credit rating databases aren't new (2, Informative)

ebno-10db (1459097) | about 4 months ago | (#47137497)

hate to burst your utopian-bubble, but the last time i checked, in world history Government has caused, roughly, about a bazillion times more pain and sufferings than any corporation could ever even begin to conceive of

So now you think you live in Nazi Germany or Stalinist Russia? Now who has delusions.

i can't get my head around this "trust the government" meme

Neither could the people who wrote the Constitution, which is why we're supposed to have freedom of the press and elections. It's far from perfect, and thanks to corporate influence it's getting worse, but I'm still not learning the Horst Wessel Song or the Internationale.

BTW, you do know that one of the main complaints of the people who wrote that Constitution was the way the British government was influenced by the East India Company, right? Look up the actual causes of the Boston Tea Party. Oh, and check how that company ruled much of India for 130 years for its profit.

Re:Credit rating databases aren't new (3, Informative)

Anonymous Coward | about 4 months ago | (#47137749)

You sound just like the Jews who chose not to flee Germany prior to 1938. It's all just a bunch of rhetoric, they said. No reason to be afraid, they said. Yeah. Nazi Germany really didn't exist as a cohesive unit, up until a point--and then unholy hell broke out. Ol' Adolf was legitimately elected, and used the liberalized rights guaranteed by the Weimar constitution to get himself there. Likewise, prior to 1922, nobody lived in in a Soviet transitional state. That's the point about keeping an eye on the past as you're racing toward the future, because we don't want to live in times like those again, well, at least some of us don't.

Some people are saying that we might be at one of those critical junctions in time. With all of the capability the government has to track us, to listen to us, to automatically filter, classify and record our private correspondence, to have total information awareness on any of our financials; it's hard to deny, they may well be right. For if the worm did turn sometime in the near future, it'll be bad news.

Re:Credit rating databases aren't new (2)

phantomfive (622387) | about 4 months ago | (#47137709)

The best thing about private organizations is they can be regulated by the government. You need to have the regulating body be a separate body from the group being regulated. This is why our national budget follows broken accounting rules that would get a CEO thrown into prison. CEOs are regulated by an external body, but government isn't (unless you count citizens, who should but don't pay attention).

It is true regulating bodies can be taken over by industry, but that's still an extra barrier compared to regulating bodies being the thing they try to regulate.

Re:Credit rating databases aren't new (0)

Anonymous Coward | about 4 months ago | (#47137719)

well IBM did stream line their killing to levels otherwise achievable

so you could argue that IBM caused more pain and suffering than the Nazi government was capable of alone.

America! can always count on them to be around to reap the profits of suffering.

Re:Credit rating databases aren't new (2)

x0ra (1249540) | about 4 months ago | (#47137277)

Because the US Federal Governement has better transparency and accountability ? Obama wanted to be the most transparent gv, but ended up denying *way* more FOI request than any preceding government...

Re:Credit rating databases aren't new (3, Informative)

CrimsonAvenger (580665) | about 4 months ago | (#47137507)

And prosecuting way more whistleblowers than ALL other Administrations combined.

Re:Credit rating databases aren't new (0)

Anonymous Coward | about 4 months ago | (#47137511)

Because the US Federal Governement has better transparency and accountability ? Obama said he wanted to be the most transparent gv, but ended up denying *way* more FOI request than any preceding government...

FTFY

Re:Credit rating databases aren't new (2)

phantomfive (622387) | about 4 months ago | (#47137685)

I'd rather this be in the public sphere where hopefully the agency has my interests at heart,

They don't.

huh? (1)

Connie_Lingus (317691) | about 4 months ago | (#47137051)

hmmm...so why would us Americans have to give to the feds the very number they assigned to us?

sheesh...no wonder the healthcare website cost is at over $1bil and climbing.

Re:huh? (1)

PPH (736903) | about 4 months ago | (#47137101)

As a demonstration of your willingness to comply.

Re:huh? (1)

x0ra (1249540) | about 4 months ago | (#47137285)

+1 !

Re:huh? (0)

Anonymous Coward | about 4 months ago | (#47137137)

suck my dick with your butt

Re:huh? (1)

geekoid (135745) | about 4 months ago | (#47137499)

in a world where a game can cost 100+ million to make, getting close to a billion for a federal level health care system isn't really that bad.

Mortgages are public records (5, Insightful)

Animats (122034) | about 4 months ago | (#47137053)

Mortgages are public records. State and local governments already have all that data. Anyone can look it up. Data companies have already collected it for most parts of the US and use it for marketing.

The Consumer Financial Protection Bureau is only going to have a 1 in 20 sample of the data. That's enough to look for improper activity by lenders. There's a lot of funny stuff going on in the foreclosure area, but nobody has been analysing that as a "big data" problem.

Re:Mortgages are public records (2, Informative)

Mitreya (579078) | about 4 months ago | (#47137115)

Mortgages are public records. State and local governments already have all that data. Anyone can look it up.

I don't think mortgages are public record. Sales of houses and their prices are public record, but that is a far cry from knowing your actual mortgage (maybe you paid cash?)

There's a lot of funny stuff going on in the foreclosure area, but nobody has been analysing that as a "big data" problem.

Yes, "big data in a cloud with web 2.0" is the solution. It is reasonably known what "funny stuff" goes on, but instead of cracking down on these practices, we are going to do reports. Reports are needed to identify the problem when it is a mystery.

Re:Mortgages are public records (1)

Anonymous Coward | about 4 months ago | (#47137123)

It would depend on the state, but yes:

http://en.wikipedia.org/wiki/Recording_(real_estate)

You might find a promissory note is legal in your state, but maybe not.

Re:Mortgages are public records (1)

Anonymous Coward | about 4 months ago | (#47137153)

Yes, "big data in a cloud with web 2.0" is the solution. It is reasonably known what "funny stuff" goes on, but instead of cracking down on these practices, we are going to do reports. Reports are needed to identify the problem when it is a mystery.

With sufficiently obtuse reports, you can both simultaneously say it is accomplishing something by the one or two cases it documents by shear chance, while also stating that the problem is "cleaned up", because no other instances can be shown, and "look, we have data!" to prove it.

Re:Mortgages are public records (0)

Anonymous Coward | about 4 months ago | (#47137333)

Mortgages are public records. State and local governments already have all that data. Anyone can look it up.

I don't think mortgages are public record. Sales of houses and their prices are public record, but that is a far cry from knowing your actual mortgage (maybe you paid cash?)

In Iowa, mortgages are certainly a matter of public record. When preparing to bid on a house, I read through the owners' mortgage and their subsequent refinance. I could very closely estimate how much equity they had in their house by the date of the refinance, the interest rate, the term, etc. Then I could make a bid that would leave them with zero profit after the fees. They could walk away clean. I knew bidding lower would make them take a loss, and I anticipated they would refuse to do that.

Of course, I paid cash.

I hate that all this information is public record. See what happens? But if the government demands the data by law, then damn right I'm going to use it.

Re:Mortgages are public records (2)

the eric conspiracy (20178) | about 4 months ago | (#47137453)

Any real estate that has a mortgage will have a lien on the title. That lien will be recorded along with the title at a public records office so the owner cannot sell the property without clearing the lien.

The details of what gets recorded in the lien are a matter of state law, but certainly there will be some description that the lien is in fact a mortgage.

Re:Mortgages are public records (4, Insightful)

PPH (736903) | about 4 months ago | (#47137195)

Mortgages are public records.

Most are. Some are not.

Some (wealthy) people conduct property transactions partially or entirely as private contracts. Back when I was in a business involving engineering in public right-of-ways, many county property records just described transactions as "for the price of $20 and other valuable considerations". Often for multi-million dollar waterfront lots. And then there's property which is held by a corporation, where the records of transfer (unregistered securities not available to the general public) will never be a matter of public record.

But these sorts of transactions are beyond the authority of the FHFA and CFPB. And that is by the design of the parties involved. So, in one sense, who cares? The common folk (who need consumer protection) are already a matter of record and the rich don't want/don't need the government meddling in their affairs.

Problems arise when parties at the margins of the public/private transaction decision look at this new body of law and push their decision over to the private side. I don't care about the mortgage fraud issue so much. But there is already a massive amount of property value that is 'off the books' and not contributing to local tax bases. And this sort of nonsense will just make it worse.

Re:Mortgages are public records (2)

the eric conspiracy (20178) | about 4 months ago | (#47137373)

Lots of land doesn't have a mortgage on it. In fact my home doesn't have a mortgage. I think I saw a statistic that some 30% of US homes are free of mortgages.

However that has nothing to do with a title history for a piece of land. That title is on file at a government office somewhere, assuring that the history of ownership is recorded, and there is a record of the taxes on the land. If the taxes don't get paid the government will take title and generally sell it to recover taxes owed.

Re:Mortgages are public records (1)

geekoid (135745) | about 4 months ago | (#47137515)

that interesting I work for an agency that does those exact kind of purchases and every nickle it public record.
IT's also routinely given to universities and the press.

Re:Mortgages are public records (2)

EmagGeek (574360) | about 4 months ago | (#47137217)

Your credit rating, payment history, and other details; however, are NOT public record. The government wants that information now so it can "help" people.

"Oh hey, we notice you haven't paid your mortgage in three months. We'll just send your tax refund to the bank to help you stay in your house."

That's what this is all about - helping government help its corporate overlords.

Re:Mortgages are public records (1)

geekoid (135745) | about 4 months ago | (#47137523)

", are NOT public record"
Yes they are.
If you want to buy something from me using credit, I can get ALL that information. It's not even expensive.

Re:Mortgages are public records (2)

ThatsMyNick (2004126) | about 4 months ago | (#47137743)

", are NOT public record"
Yes they are.
If you want to buy something from me using credit, I can get ALL that information. It's not even expensive.

You are saying if I authorize you to obtain a copy of my credit report, and give you my SSN, data of birth, name and address, you can obtain a copy, and this means it is public record. You and I have very different definition of public record.

Mortgages are public records (1)

Anonymous Coward | about 4 months ago | (#47137645)

Mortgages are public records

Dead wrong. The specifics vary by state but in none of them are all mortgage details public.

Oh yeah baby... (1)

hackus (159037) | about 4 months ago | (#47137067)

can't wait to crack into that puppy!!!

Mmm...now...lemme see....going to have to make a rather large shopping list to buy some of those absolute nessecities....maybe even start a state owned business...I mean, a private business.(Woops, nothing to see here...move along....move along.)

http://www.huffingtonpost.com/... [huffingtonpost.com]

let's just kill everyone in charge, (0)

Anonymous Coward | about 4 months ago | (#47137071)

burn down the cities, and go live in the woods. problem solved.

Impeach Bush!! (-1)

Anonymous Coward | about 4 months ago | (#47137125)

Why can't we vote Bush out!? If we only had a Democrat in the White House, this kind of thing wouldn't be happening!

are the ideologues out again? (0)

Anonymous Coward | about 4 months ago | (#47137149)

Anyone who objects to this is a ideologue, there for not scientific.

Once more (1)

Richy_T (111409) | about 4 months ago | (#47137157)

I am altering the deal. Pray I don't alter it any further.

Why don't people like government? (0)

Anonymous Coward | about 4 months ago | (#47137183)

Because they promise one thing, delivered another and morph it into something it should never have been.

No mortgage! (1)

Roblimo (357) | about 4 months ago | (#47137193)

My place may be tiny (single-wide trailer on a .1 acre lot) but I own it free and clear. No mortgage. So they can't check my mortgage info. Phht.

Re:No mortgage! (2)

misexistentialist (1537887) | about 4 months ago | (#47137255)

Congratulations, you're pre-approved for a mortgage at a special low rate!!!

Re:No mortgage! (1)

Anonymous Coward | about 4 months ago | (#47137397)

I got his personal details you mind if I apply for a mortgage in his name??

You are livin right, kudos (1)

Marrow (195242) | about 4 months ago | (#47137257)

Trailer is nice because its disposable. Now you can save up for one of those nifty shot-crete dome homes. Low maintenance and near indestructible.

WOW, Be the psychic of them all (1)

Anonymous Coward | about 4 months ago | (#47137251)

Just last night at dinner, I held a rant about the "racial unfairness" of credit scores. And how the federal government "needs" to shut down all the run by "rich old white men" "private for profit" credit rating companies and start it's own that will be mandated as the only source of credit scores in the USA. It could then use this agency to "empower" minorities to receive "fair" credit scores aka averaged to be the same as caucasian and asian americans. Aka, if the average credit score of whitish to yellowish people is 650, then a weighted bias must be given to black and hispanic people separately to ensure they have the same average credit score along with all other underprivileged minorities. Thus making it possible for more of them to qualify for affordable credit. Otherwise, you are denying them opportunity which is how credit scores are basicly modern slavery. I didn't want to go there by someone has to. One could also move simply away from these system of punishing people of color for having been tricked into taking on too much debt by the whiteman by measure nontraditional factors when calculating the credit score. More of a biographical assessment similar to what the FAA is now using to test for New hires for air traffic control.

Of course, What would probably happen is the free market would find a solution. Ether some loophole or work around; or Some combination of it being almost impossible to get an unsecured loan or everyone paying more for the people who were previously known bad credit risks.

Re:WOW, Be the psychic of them all (1)

Greg666NYC (3665779) | about 4 months ago | (#47137551)

Not gonna happen. Not in USA. Power over people is the most valuable good here. And not only "rich old white men" pull the strings. Oligarchs, whether from USA ,Russia or China don't care about borders or "patriotism" 140mln slaves from Russia or 290mln slaves from USA makes absolutely difference to them. As long they can use, rinse and throw them away.

Re:WOW, Be the psychic of them all (0)

Anonymous Coward | about 4 months ago | (#47137663)

Or you could, you know, just pay your credit card bill on time, you fucking morons.

More crooked garbage from our leaders. (0)

Anonymous Coward | about 4 months ago | (#47137281)

I just cant keep wrapping my brain around the garbage they pull. The last 12 years will go down as the worst in US history. Crooked leaders, crooked leaders buddies. CEO's with incomes = to 300 times what their avg employee gets paid. I think they will no longer be able to keep the frog in the boiling water when using a flame thrower on it.

Re:More crooked garbage from our leaders. (0)

Anonymous Coward | about 4 months ago | (#47137671)

Yes, they can. Occupy showed that the frog isn't jumping out for any reason whatsoever.

It's more than mortgages. (5, Interesting)

TigerPlish (174064) | about 4 months ago | (#47137287)

According to TFA:

Late car payment? It'll be recorded.

Late creditcard payment? Skipped a child support payment? Forgot to pay the water bill? It'll be recorded. Or so TFA says.

The database will also encompass a mortgage holderâ(TM)s entire credit history, including delinquent payments, late payments, minimum payments, high account balances and credit scores, according to the notice.

Really?! "high account balances?!"

The composition of your family? Feast your eyes on this little nugget FTFA:

The two agencies will also assemble âoehousehold demographic data,â including racial and ethnic data, gender, marital status, religion, education, employment history, military status, household composition, the number of wage earners and a familyâ(TM)s total wealth and assets.

Folks.. it *is* big brother. People are focusing on only the mortgage aspect, but if TFA is to be believed, it's a financial dragnet.

What the fuck are they looking for? People spending large sums on strange things?

It won't be for bureaucratic purposes. This will get tied in with law enforcement somehow. That's just my gut feeling, folks... but I do really think LEOs will want in on this.

"Mr Smith, we'd like to have a word with you.. every two weeks you withdraw $100 cash, then as you can see in these pictures, the city's automated license plate readers catch you visiting the address of a known marijuana dealer every time you make that withdrawal. Please step into the van, sir."

It's coming. Maybe not for a bag of sweet leaf, but surely for other things.

2001 was the year the US ended. We sold out to the Gov't and did so willingly; because Terrorism!, because Think of the Children, because War on Drugs! But mainly because Terrorism.

To hell with the federal government, might as well call it the Reich now.

Re:It's more than mortgages. (2)

the eric conspiracy (20178) | about 4 months ago | (#47137479)

The corps already have this and more. Why are you worried about government having it when corporations have vastly more power over your life anyway.

Re:It's more than mortgages. (2)

geekoid (135745) | about 4 months ago | (#47137539)

The funny thing is how little you know about credit industry. every piece of information you list is available right now.

The ret of your rant I have heard since the 70's.

Re:It's more than mortgages. (3, Interesting)

TigerPlish (174064) | about 4 months ago | (#47137867)

One thing is to have financial information about individuals and their families scattered across multiple entities with defined boundaries and different search mechanisms -- it's another thing entirely to have the same financial info in one nice, convenient, easy-to-search, easy-to-abuse place.

A convenient central financial info database with intimate detail. What could *possibly* go wrong, right?

Now that I've had some time to chew on the news and my post, it occurs to me that this is also a profiling tool. Perhaps predictive uses could also be found for it?

The ranting will continue, by the way, by myself and others, until either we're dead, or a dramatic change of course happens to this country. And yes, I remember the ranting 30 years ago. Vividly. Along with images of Carter and Shah, Reagan and Ayatollah, Bush and Noriega, Bush II and Saddam, Obama and bin-Laden, brought to us by talking heads and punctuated by the nodding of a million muggles' heads.

No one. Fucking. Listened. Now we're playing the same songbook again, only the music is much more sinister, faster and more intense.

Wake the fuck up, people.

Remember Total Information Awareness (3, Interesting)

Anonymous Coward | about 4 months ago | (#47137627)

Despite being prohibited by Congress, the federal government is still assembling the components separately.

Compelled to disclose intimate details? (1)

SpankiMonki (3493987) | about 4 months ago | (#47137301)

You mean some federal SWAT-types are gonna bust down my door and force me at gunpoint to fill out a form? Answer intimate questions like "boxers or briefs?", "pink or stink?", or perhaps even (gasp) "paper ot plastic?" OH NOES!!!

Oh wait..."compelled" means that CoreLogic (the corporation that already has all my mortgage data) wants to sell the data to the CFPB. Mmmm...doesn't look like much in the way of compellin goin on. No SWAT Team for me, then.

Don't lie about the official name (1)

Anonymous Coward | about 4 months ago | (#47137343)

The official name is actually:

The Consumer Financial Fuck you in the asshole and steal every shred of privacy Bureau

Get your facts straight slashdot.

Re:Don't lie about the official name (1)

Anonymous Coward | about 4 months ago | (#47137661)

What privacy are they stealing. All that information is already availalbe to them. Furthermore, this is 1 in 20 aggregate financial data.

Crime Stopper (1)

Jim Sadler (3430529) | about 4 months ago | (#47137403)

Serious economic scrutiny would stop a lot of crime. Does anyone not know someone or some business that gets by while perpetually breaking the law? How many people could not hope to explain how they can pay and expensive mortgage, a car lease or other symptoms of a rich life all the while declaring the income of a pauper?

Re:Crime Stopper (0)

Anonymous Coward | about 4 months ago | (#47137621)

Maybe they're just strippers or do porn or something. It's legal and they make tons of cash but you don't want the whole world knowing about it.

This is TIA (remember that?) (2)

koan (80826) | about 4 months ago | (#47137557)

Look at what data CoreLogic has access to.
http://en.wikipedia.org/wiki/C... [wikipedia.org]

CoreLogic, Inc. is a North American corporation providing financial, property and consumer information, analytics and business intelligence. Headquartered in Irvine, CA, the company analyzes information assets and data to provide clients with analytics and customized data services. Data sources include property and mortgage information, motor vehicle records, criminal background records and tax records.

Parts of Left and Right will be against this (4, Interesting)

davidwr (791652) | about 4 months ago | (#47137755)

I expect the Tea Party and libertarian-leaning Democrats to be up in arms about this.

I expect "business Republicans" and non-libertarian Democrats to see this as A Good Thing or at least a "neutral thing, but serving a good purpose" thing.

Let the sparks fly.

China (0)

Anonymous Coward | about 4 months ago | (#47137825)

Is this so they can get a solid number when they sell America's home mortgages to China for some national debt relief?

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