Saturday, May 31, 2014

All Your Data Are Belonging To US (as in the FedGov)

Washington Examiner excerpt:

Earlier this year, Cordray tried to assuage concerned lawmakers during a Jan. 28 hearing of Hensarling's panel, saying repeatedly the database will only contain “aggregate” information with no personal identifiers.
But under the April register notice, the database expansion means it will include a host of data points, including a mortgage owner’s name, address, Social Security number, all credit card and other loan information and account balances.
The database will also encompass a mortgage holder’s 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 family’s total wealth and assets.


FedGov got your back... and your front and your sides and your data.  The master control program (MCP) will encompass some 95% of all outstanding mortgages.  Now you know why the 1% are paying all cash. 


TJandTheBear said...

... and the Millenials are renting.

Property Flopper said...

The one percent are paying all cash because they can. :)

Also - those who do not understand interest pay it. Those who do understand it, collect it.

Anonymous said...

Also, the old-money 1% don't care since they feel that they control the system well enough to avoid the unpleasantness we lower types will face. Worked for a family like this who would bring their pet senator (US) to certain meetings to assure us that we (the company) were being taken care of.


Cinco-X said...

Property Flopper said... - those who do not understand interest pay it. Those who do understand it, collect it.

Too simple an explanation. Paying interest can function as risk insurance. The lender takes on some of your risk in exchange for interest payments from the borrower. The borrower "could" default on the loan after all...