Sunday, July 27, 2008

Fingerprint Registry in the Foreclosure Prevention Act of 2008

Can anyone provide a coherent explanation why this bill includes capturing fingerprints and other private information on mortgage originators? See section 1505. Am I crazy or what? How does fingerprinting mortgage originators help financially distressed homeowners stay in their homes?

2 comments:

jose said...

The loan originators fingerprints will be sent to the FBI and other agencies in order to do a criminal background check on the originator.

The assumption being that if they can exclude people with criminal backgrounds from being loan originators they can prevent mortgage fraud in the future.

Obviously, this won't do anything for homeowners already in distress.

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