Feds to enforce fingerprint/ID registration database against…mortgage brokers

Well, this is quite a striking contrast to the Arizona ruling today protecting illegal aliens and the feds from “burdensome” ID checks. The government is creating a national registry/fingerprint database for mortgage brokers in the U.S.
Mortgage loan originators will have to be fingerprinted and sign up to a central registry to do business in future, according to final rules issued on Wednesday by the Federal Reserve and other regulators.
The rules are part of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, also called the S.A.F.E. Act.
They were issued by the Fed, Comptroller of the Currency, Federal Deposit Insurance Corp, Office of Thrift Supervision, Farm Credit Administration and National Credit Union Administration.
Mortgage brokers came under tough scrutiny in the wake of the 2007-09 financial crisis, with some lawmakers and regulators sharply critical of underwriting standards and practices that were seen as so loose they helped foster a housing price bubble.
The S.A.F.E. Act specifies that mortgage brokers who are employees of agency-regulated institutions must register with the Nationwide Mortgage Licensing System and Registry,
“As part of this registration process, residential mortgage loan originators must furnish to the registry information and fingerprints for background checks,” a joint release from regulators said.
“Undocumented” mortgage brokers would presumably get sanctuary status…
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Obama and his gang are making a mockery of our Constitution.
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Will illegal aliens and those with phony social security numbers be exempted from this fingerprinting requirement?
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You Betcha!–we wouldn’t want to be racist or to violate their Obama given rights. Save the fingerprinting for U.S. born and naturalized citizens.
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John Bibb
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Does this mean we get to fingerprint and background check the people in Wash DC that contributed to the failures … e.g. Barney Frank, Chris Dodd, and everyone at Fannie Mae and Freddie Mac? …
According to the ruling in Arizona today, state police can not run background checks for outstanding federal warrents, because it would
“require law enforcement to check
immigrationwarrent status on everyone arrested or held, not just those with “reasonable suspicion””Right?
But they sure don’t want to do anything of that sort for voters. Nah… Dems want to continue to rig elections.
Why only mortgage brokers? Why not officers in the banks’ mortgage department who were happy to issue these reckless loans, then sell them to Wall Street once they collected large closing fees? I guess the bankers are not only too big to fail, they are also too big to go to jail.
The rule of law is being shredded for the rule of the jug eared jackass. Simple as that.
Congress passing fill in the blank bills is like handing out blank checks. Is it even constitutional to do this?
When do they get GPS chips and bar codes?
So they think spending Lord knows how many kabillions maintaining another database is going to prevent people from taking out mortgages they can’t afford?
Why don’t we just fingerprint congress and all of their staff, so we know who stole our money?
Oh, its coming, its coming…count on it.
A) Yes, B) no and C) yes, all of them (refer to party mascot), not only PBHO….always remember, rules are made to be applied to the ruled, but NEVER the rulers who will make every effort to exempt themselves!
Remember … BHO means BOOT HIM OUT
This would be one of the greatest acts of justice in the last 100 years…
Would they bother to fingerpint this bho? Every citizen of this United States of America are under attack with this bho and team. People, we need to get a grip and stop this asap! I, fear Nov. votes may not happen, much less 2012! Our military votes are under attack. If all here and thousands like us do not go vote, our Republic is sol. Please vote for the best of the those running. All we can do, is you tell us you will do this or that, at least vote! Rino’s are all over the place, so are d’s, decide which ‘might’ save our Republic.
L
More control of businesses and citizens. One thing they do right, and that is follow what other potential totalitarian governments have done, through history; take liberties and freedoms away, a little at a time, in the “interest of security”. One day this country may wake up and find itself with a “President Stalin” at the helm.
“You say you want a revolution…”
They’ve had it for us stock brokers for an eternity. Every time I do anything I have to submit my fingerprints.
Well they run background checks on people running for President…oh no, wait…
Business men are treated like criminals and criminal illegal aliens are treated like honest business men!?!?!?
Just wait, Tre! Any minute now the alarm clock’ll ring and you’ll wake up and find out this is just a nightmare! RIGHT!?!?!
Instead of fingerprinting mortgage brokers, why don’t we obtain some of Obama’s DNA and run tests to see if he is from another planet?
I have had to get fingerprinted to sell health insurance in several states. Specifically Florida and Washington state require fingerprints before I can get a license to sell policies in their state.
No, insurance is not regulated at all. The governments just let insurers and agents do whatever they want. Tell that to each state’s department of insurance.
What sort of regulation is required to sell a book in different states, how about blog? what’s that? NO REGULATION? The horror. authors and bloggers will abuse their position if they aren’t regulated by the government in every single state.
I’m not bashing bloggers and authors. . . I’m just pointing out that they say insurance isn’t regulated, but it is probably the most regulated industry in America. 50 different rules and authorities.
The alarm clock will ring but it will be like “Groundhog Day”, living this nightmare over and over again until we get it right.
The time for civil disobedience has arrived.
Refuse. Tell them to take a hike. They can’t arrest all of you.
WTF? What are they supposed to do with this information? Run fingerprint analyses of faulty mortgages so they can see who originated them?
Prolly used to track down illegal aliens to see if their civil rights were violated when they offered their Matricula Consular card as ID for their taxpayer backed mortgage.
Mockery? I wouldn’t say mockery. After all, they don’t even believe in The Constitution.
For eight years we heard nothing but complaints and fears from the Left about what Bush might do to the Constitution, and how they imagined all sorts of violations. None of which came true, or ever happened.
Yet the very nature of this President alone is a thumbing of the nose to The Constitution and he has been destroying it ever since taking the oath. Violation after violation goes on, and it is applauded by the Left. Our rights and freedoms are being taken away on a daily basis, our sovereignty destroyed, our military abandoned, and it is being done to the applause of the Left. Everything they were afraid bush would do, Obama either has done or has plans to do, and none of them care.
Mockery? No. There are other, far more fitting words than mockery.
Shouldn’t they be fingerprinting (and tossing in jail) the two main culprits that caused this mortgage crisis debacle in the first place – Chris Dodd and Barney Frank?
Next, they’ll be forced to wear a yellow star and confined to living within a 10 block radius.
Are we in Kansas Toto?
Funny how the Left whined about Bush shredding the Constitution, yet, this is a blatant violation of the 4th and 5th amendments. These are private citizens engaged in lawful conduct. I hope they sue the crap out of Obama and Co. They have the money to do it.
Let’s run a check on every Congress critter, their staffers, and every other ass-ociated bureaucrat along the way fagettabout the mortgage brokers they were only playing the hand that the Feds dealt them … ditto on the banks – sorta hard to tell a bum he’s a bum when you got the Feds muscling in on you.
The licensing system creates a database that banking regulators can use to track down mortgage brokers or lenders who try to work in one state after being banned in another.
This was part of The Housing and Economic Recovery Act of 2008.
House 241 Ayes, 172 Nays
Senate 84 Ayes, 12 Nays
Mr. Bush signed it into law July 30, 2008.
So there’s that.
What a country! Illegals don’t have to prove anything, but legal citizens are to be fingerprinted so the gubmint can keep track of them. If you are ever pulled over for speeding, just say you NO HABLA INGLES and MI NOMBRE ES JUAN GARCIA. If taken to jail, demand a lawyer, and don’t say a word.
The Fascist-in-Chief wants to destroy the free enterprise system; just another tool in his kit to use down the road.
P.S. How about we fingerprint Obama and see what pops-up?
To understand this, and see the depth of what is guy’s comfortable position among the Steele-crowd indicates, go read the American Spectator piece here.