New Massive Federal Database To Hold Financial Information of 100s Of Millions of Americans

Tyler Durden's picture

Submitted by Mike Krieger of Liberty Blitzkrieg blog,

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.

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Tinky's picture

Not to worry – for $29.95/month you can opt-out.

XitSam's picture

But won't my $29.95 purchase put me back in the database?

Headbanger's picture

So what!?  There's been a massive financial database ever since Federal Income Taxes and especially with credit cards.


But.. If we really want to fuck em up completely.. Everybody change your name to "Pat Smith" and only use cash.

That'll fix em!


And for all you Pat Smiths already out there:

Better have your next family re-unions catered.

Anusocracy's picture

People get the government that they are stupid enough to accept.

Looney's picture

The Wealth Tax is coming – they want to tax all assets, including real estate, savings and checking accounts, 401K’s, CD’s, stawks, bawnds, gold, silver, everything… every fucking thing… That’s why they are quietly preparing the Wealth Databases. I think?


CH1's picture

Don't worry, the hackers will ride in, give you Free Shit, and save the day!



aVileRat's picture

Whitehat is so 2002. Wondering when the NRA will get in on the digital right to carry arms (rootkits).


NidStyles's picture

I still get a chuckle from the techheads that think they can fight the gubermint folks from their cubicle and keyboard. 

MontgomeryScott's picture

Well, since I'm not doing anything wrong, I KNOW they aren't trying to track and save MY information.

It's those other 227 million!

Let me see:

The number of children in the CONUS might add up here. 315-227 equals 88.

Do you mean to tell me that there are 88 MILLION CHILDREN still alive in the CONUS that haven't yet been enrolled in the 'free credit card' thing?

NidStyles's picture

I'm telling you, poverty by choice is the preferred situation of the future. 

Bunga Bunga's picture

People learned from Cyprus. Now the haircutters have to get a bit more sophisticated.

TheReplacement's picture

If we are lucky, they are only looking for wealth.  Imagine Stalin, Hitler, Mao, PolPot or any other brutal tyrant with that kind of insight into the population they were terrorizing.

SilverRhino's picture

>> .... and a family’s total wealth and assets... << 

That's EXACTLY what's coming.   

If it's in the banking system or they track purchases from EVERYWHERE you have used a debit card they will have an idea of what you have.  

Anusocracy's picture

Control is a powerful force for survival in nature.

Freedom runs counter to control.

Your Lords and Masters detest freedom as much as they love control.

Chupacabra-322's picture

The goal of these Criminals Psycopaths was to build a massive Global data base of individual Psychological profiles, threat assessments & dosiaires of every man, woman & child on the planet to be used for pure Evil purposes / control.

Anusocracy's picture

Only inferior people need or want government.

It is a product of combining our animal past with technology.

Stuck on Zero's picture

Another way to fix the database is to execute hundreds of millions of penny stock trades.  That should be bullish for hard drives.


No Zbig Deal's picture

I promise you, there WILL be an open bar...

duo's picture

better yet, pay off your house or use unsecured credit.  Not available in CA, HI, NY, CT or IL.

doctor10's picture

Only a matter of time before our creditors asserted ownership of Fed. Gov. Wait'll you see how they intend to collect.

williambanzai7's picture

Will it get you into Price Club?

Eeyores Enigma's picture

Because if your not consuming you must be conspiring.


MontgomeryScott's picture

No, no, NO!


MontgomeryScott's picture

Your youthful exuberance belies your real intent.

Before your acceptance in to such as 'FEDCO', you must take baby steps, young William.


When the offer to become a member of 'Sam's Club' and 'Wall-Mart' paper your mailbox with a continuous flood, you might be careful and understand that they actually WANT you (you know, 'that way'). You have to TEASE them, by logging on, and retracting (or doing a 'System Restore').

'Price Club' sounds SO DANGEROUS! Is it a LARGE comglomerate? I had a FEDCO card once, and it was SO OVERWHELMING...


Redhotfill's picture

Didn't they merge with COSTCO?

I am Jobe's picture

Sheeples will be happy with this decision. They are feeling safe , now let the EBT continue along with BEATS headphones this time for Christmas. 


Racer's picture

The current figures on  'data' they put out is pure fiction, so they want facts so they can report on them? Once they gather all the facts it will be put though a grinder and more propaganda released

inky's picture

President Obama has just signed a new law that everyone is a terrorist apart from him.


Colonel Klink's picture

I think you meant Executive Order!

TheReplacement's picture

What exactly is the difference as far as we on the recieving end are concerned?

XitSam's picture

Hey, only dictators like Hitler can write their own laws .... uh oh.

Robot Traders Mom's picture

Good article, Mike.

There is no way out. Even moving out of the country won't guarantee your privacy. The PTB are well on their way to a global government. Now, if the Congress would just officially open the border with Mexico we'll get our new world order a lot sooner...

NOZZLE's picture

You mean like 23andme where you send  in your saliva, they tell you where your ancestors are from and if you have any genetic defects and promise to keep your profile secret. 

813kml's picture

The man who came to do some yardwork at my mother's house yesterday had an interesting story.  His son got pulled over a couple of months ago and was arrested for driving with a suspended license, which came as quite a surprise.  The confusion was later sorted at his hearing.  Apparently, Jackson Hewitt accidentally listed him as blind on his last tax filing (not sure if this year's or last year's) and the IRS in turn shared that information with state police who promptly suspended his license.

Truth is stranger than fiction, the prosecutor congratulated him on the restoration of his sight after the case was dismissed.

ebworthen's picture

California, New York, or Illinois?

RaceToTheBottom's picture

The kid should file for all the disability he has had since he became blind

813kml's picture

He already has a lawyer working on a lawsuit against Jackson Hewitt.

SpanishGoop's picture

All your personal and private information belong to us.


G.O.O.D's picture

You know what? It is nice to be old enough to not give a fly rats ass anymore. I dont care if the bastards have a 10 foot thick portfolio on everyfvkinthing that moves because I cant see how they are going to gain a damn thing from it other than create more useless jobs sitting in front of the comps.

t0mmyBerg's picture

You know what?  Then fuck you you worthless sack of shit.  They are counting on 99 out of 100 Americans reacting just like you.  And so it will be.

TheReplacement's picture

Are you white?  White people are being executed today.  Not white?  Perhaps you are going to die, I mean a gun owner.  No?  Ever look at porn online, drive a vehicle that got less than 60 miles to the gallon, eaten steak on Friday...  The list will be long and, no matter how ridiculous, lethal.  People are going to die because of this.  A Stalin/Hitler/Mao type will eventually take power and then it is off with your head if you wear blue on her birthday.

orangegeek's picture

Learn the system and then leverage it.

TheReplacement's picture

You mean sell out your friends and neighbors?  How exactly can you leverage this for any kind of good?

nmewn's picture

Mel Watt: Whats the deal with this nmewn guy? Every other Wed we see a payroll deposit and every other Fri we see the account drawn down to thirty bucks but it never re-appears in another account? Whats his cell phone GPS location right now?

Worthless scumbag underling number one: It shows him moving west on I-10.

Mel Watt: Do we have confirmation by the RF chip in his SunPass toll clicker?

Worthless scumbag underling number two: No sir. It shows him moving south on the Veterans Expressway.

Mel Watt: And the cameras on the toll it his vehicle?

Worthless scumbag underling number two: Yes.

Mel Watt: Good. Now we know.

(Knock on the door)

Mel Watt: Come!

Nmewn: Hello, Mr.Creedy ;-)

Telemakhos's picture

I-10.  One of the few places I've ever been pulled for "speeding."  The usual MO: "You were clocked doing [improbable number probably not attainable in my car], but because I'm a nice guy I'll write this down to nine miles over the limit."  Baker County apparently rakes in $90K off their interstate every month.

nmewn's picture

They love ya around Madison county all the way to Tally on I-10 too.

If you go south on 75, watch it from Lake City all the way through Micanopy (pronounced Mick-can-oh-pee) they like to hang out on the southside of Paines Prarie.

And Lawtey and Waldo are well known world wide as speed traps on US301, they'll get you for going five over. It funds both towns to a large degree.

Its basically legalized theft...humming the Highway Man song ;-)

Telemakhos's picture

Everything on 301 is a speed trap.  Triple-A puts up billboards along the road warning of the worst areas.  Tallahassee is, however, working on cleaning up parts of 301.  Apparently the locals busted a state representative who vowed to wipe the town of Hampton off the map.  While the town is going to remain incorporated, they fired their police department (apparently including "Rambo") and are de-annexing their stretch of 301.

Interesting off-topic factoid: Micanopy's pronunciation results from its older, Latinate name, Micanopia, whose accent fell on the antepenult.  The locals just lopped off the -a and kept the accent on the same syllable.