Gov. Rod Blagojevich signed a bill Thursday that will require homeowners in the test areas to turn over all their financial, personal and loan data to the state for a mandatory review before they will be allowed to buy a home. It also affects refinancing and home equity loans. The bill requires the selected Cook County borrowers to submit information to the state, which will then decide whether a borrower must undergo mandatory financial counseling before agreeing to the home loan. It is intended to aid state regulators in tracking and cracking down on dishonest lenders.So... with arguably good intentions (when is it not...?), Illinois is going review and place conditions on individuals seeking to finance a home. No one has broken a law and yet, "State Re-education" is required.
... The law creates a predatory lending database with personal and financial information about people seeking home loans in a test area, as well as information about the loans, in portions of Cook County. After four years, the pilot program will be reviewed and possibly expanded to cover the entire state.
Christ, this is an outrage. Once again, property rights plays the red-haired stepchild of personal liberties.
Here's a thought experiment. Imagine, if you would that the government created a similar system for any form of non-criminal/non-economic behavior with possible negative consequences. How about... sexual promiscuity or predilection.
Imagine the outrage.
Explain to me how this is less heinously intrusive.
H/T - my friend Jeffrey.