New Massive Federal Database To Hold Financial Information On HUNDREDS OF MILLIONS OF AMERICANS

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New Massive Federal Database to Hold Financial Information on Hundreds of Millions of Americans (Liberty Blitzkrieg, May 30, 2014):

The war on privacy continues unabated, as the U.S. government continues to prove time and time again that it views the citizenry as a bunch of cattle to be branded, herded and dealt with at will. It doesn’t seem to bother anyone in the establishment that the public has lost all faith in institutions and so-called “authority” (a concept which I do not believe in to begin with). The evidence of a growing number of Orwellian databases being created has been available for quite some time. Most recently, I covered this topic in the following articles:

FBI Plans to Have 52 Million Photos in Facial Recognition Database by 2015

Guess What’s Hidden in the Immigration Bill? A National Biometric Database for Citizens

Moving along, the public faces another sinister and unacceptable invasion to our privacy. A national financial database is being planned, which would contain the most intimate details of our entire financial lives. It may apply to as many as 227 million Americans.

We learn from the Washington Examiner that:

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 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.

In a May 15 letter to FHFA Director Mel Watt and CFPB Director Richard Cordray, Rep. Jeb Hensarling, R-Texas, and Sen. Mike Crapo, R-Idaho, charged, “this expansion represents an unwarranted intrusion into the private lives of ordinary Americans.”

Mel Watt is one of the slimiest members of Congress, and that’s saying a lot.

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 agency’s authority to collect such information.

Excellent. Once a cyber attack does compromise this idiotic database then we will be told we must give the NSA even more power to protect us from their own screwup. As usual.

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 family’s 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.

FHFA has two contracts with CoreLogic, which boasts that it has “access to industry’s largest most comprehensive active and historical mortgage databases of over 227 million loans.”

Cordray confirmed in his January testimony that CoreLogic had been retained for the national mortgage database.

“When you look at the kinds of data that are going to be collected on individuals, just about anything about you is going to be in this database,” he told the Examiner in an interview.

Meyster said she was unconvinced. “It seems they’re just adding information and they’re not really stating where it’s going or what it’s going to be used for. There’s no straightaway answer. They say they are trying to assemble as much information that they can.”

The Chamber of Commerce said that while Congress did ask for regular reports, it never granted FHFA the authority to create the National Mortgage Database.

“Congress did not explicitly require (or even explicitly authorize) the FHFA to build anything resembling the NMD,” the Chamber told Watt in its May 16 letter.

Oh so the agencies are just acting like tyrants without Congressional approval? Shocker.

A December report from the Government Accountability Office on breaches containing personally identifiable information from federal databases shows unlawful data breaches have doubled, from 15,140 reported incidents in 2009 to 22,156 in 2012.

Full article here.

In Liberty,
Michael Krieger

3 thoughts on “New Massive Federal Database To Hold Financial Information On HUNDREDS OF MILLIONS OF AMERICANS

  1. It is days like this I am glad to be dying of spinal cancer.
    Too much data equals cumbersome and inefficient. It won’t work, there are too many people, and the more people you have, the greater the chances for mistakes.

    Now, this also opens the doors for hackers…..what a rich resource that would be for those who steal identities and bank accounts……..this is a disaster in the making, and there is no reason for it beyond an excessive desire to control too many people.

    This is madness, but this is what happens when you have fools in charge, and everything is run by committee. Looking at that gaggle of corrupt fools, what percentage of them would be available for bribery? And, if not bribery, how about blackmail?

    Therein lies the problem. When you have rotten people in power, the ability to steal information by hook or by crook becomes far too easy.

    One more thing. There is no money coming into this country. The gravy train the congress is used to living off of so lavishly is getting low on supplies. Russia and China offer far more interesting opportunities to those who might be interested in buying into a new economy. The US has lost half it’s market share as the world reserve currency, and the only thing keeping the market afloat is the FED (putting half of what it was a year ago) and corporations buying their own stock back. There is NO NEW MONEY and NO NEW OPPORTUNITIES that might bring money into the economy.

    The US economy is shrinking, and Russia and China are the new boys on the block. The US is the nation of day before yesterday………and this stupid act is beyond absurd.

  2. Now, why not investigate the real greedy guts? This clown is only one of them….and probably not as destructive as the corporations that buy and sell using high frequency transactions that operate faster than one can blink an eye. They always skim and sell, never leave a nickel on the table……..85% of the US market is made up of these crooks, and I don’t think this clown makes up all of it……

    Nothing will come of this, they never prosecute crooks, just people who speak the truth…….they kill them.

    http://www.reuters.com/article/2014/05/31/us-insidertrading-icahn-idUSKBN0EB00120140531

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