If you have a mortgage, the federal government would like to know more about you, and store everything it finds on a massive database. And then you have to hope hackers never get in to it.
The FHFA says the database is required to for a monthly mortgage survey as states in the Houston and Economic Recovery Act of 2008. They also have an annual report they must send to Congress.
“We really need the government to understand we want them to be able to protect us but certainly in a way that consumers can feel safe and that their most private information won’t be breeched,” Gail Cunningham, Vice President of Public Relations for the National Foundation for Credit Counseling tells KTRH News.
Critics including U.S. Rep. Jeb Hensarling (R-TX) warn the new database will be vulnerable to hackers. The information to be collected includes names, addresses, social security number, gender, employment history, religion, education, military status, how many people are in the family, and the complete record of mortgage payments including late and past due payments.
“As we all know, that social security number is the gateway to our identity, and we’ve learned the hard way in recent months that breaches can and do occur,” says Cunningham.