Flipping, flopping and booming mortgage fraud

This article mentions the U.S. Patriot Act of 2001 allows lenders a safe harbor to share information, but doesn’t mandate it; that it is entirely a voluntary process. But Rossi stated government should step in, take the initiative.

If government forces lenders to share private information in real time about all mortgage applicants; such intrusion by government would be alarming. Consider that Obama Government recently employed a vendor to search Internet social networking sites to collect information about Americans that could potentially be used by this government to injure Americans, for example, if you apply for a federal job, your name might be crossed referenced by the Obama Government with comments you made at Websites against Obama; if you make application at a bank for a loan the Government has control since the financial crisis, could your Internet comment(s) prevent you getting that loan? Imagine if a corrupt government could monitor in real time all business and personal loan activity of everyone including its political adversaries. A corrupt government could easily block someone getting a needed loan. This is not new—the Nazis did it.