New House Bill Wipes Mortgage Fraud Clean For Banksters
(Susanne Posel) The House Financial Services Committee (HFSC), headed by chair Jeb Hensarling, has approved proposed bill entitled, “Protecting American Taxpayers and Homeowners Act” (PATH) that is being sold to the American public as a way “to create a sustainable housing finance system.”
Hensarling explained : “Our plan helps taxpayers and homeowners. It gives power and control back to consumers. Under the current broken system, unaccountable Washington elites have more of a say over who gets a mortgage than your local bank. The current system is a government monopoly run by the same types of Washington bureaucrats who run the IRS. America can do better. Americans deserve better.”
Buried in PATH is the creation of the National Mortgage Data Repository (NMDR) which is the brainchild of the Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB).
The NMDR would be “the first comprehensive repository of detailed mortgage loan information. The database will primarily be used to support the agencies’ policymaking and research efforts and to help regulators better understand emerging mortgage and housing market trends.”
Richard Corday, director of the CFPB asserts that “in order to understand what is going on in the mortgage marketplace and develop appropriate consumer protections, we must have the best facts and data. This database will be a valuable tool for regulators and researchers and we look forward to partnering with FHFA on this important work.”