The government is now creating a comprehensive national database on home mortgages. This is intended to assist regulators in keeping an eye on the quality and quantity of loans. It should also signal any looming system wide risks (this is going to work).
Information on outstanding mortgages is set to include not only the type and terms of the mortgage, but also payment history and the borrower’s financial and credit profile. Data is expected to be updated each month. Initial plans do not include data keepers to tie specific loan info to specific individuals (hummm).
Though it is expected that regulators will be able to see that there are, for example, 10 million high-risk loans in danger of foreclosure, but they won’t know who the recipients of those loans are.