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New federal database will track Americans' credit ratings, other financial information
Washington Examiner ^ | 5/30/2014 | Richard Pollock

Posted on 05/30/2014 5:48:55 AM PDT by Chickensoup

As many as 227 million Americans may be compelled to disclose intimate details of their families and financial lives -- including their Social Security numbers -- in a new national database being assembled by two federal agencies.

The Federal Housing Finance Agency and the Consumer Financial Protection Bureau posted an April 16 Federal Register notice of an expansion of their joint National Mortgage Database Program to include personally identifiable information that reveals actual users, a reversal of previously stated policy.

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FHFA will manage the database and share it with CFPB. A CFPB internal planning document for 2013-17 describes the bureau as monitoring 95 percent of all mortgage transactions.

FHFA officials claim the database is essential to conducting a monthly mortgage survey required by the Housing and Economic Recovery Act of 2008 and to help it prepare an annual report for Congress.

Critics, however, question the need for such a “vast database” for simple reporting purposes.

In a May 15 letter to FHFA Director Mel Watt and CFPB Director Richard Cordray, Rep. Jeb Hensarling, R-Texas, and Sen. Mike Crapo, R-Idaho, charged, "this expansion represents an unwarranted intrusion into the private lives of ordinary Americans."

Crapo is the ranking Republican on the Senate Banking, Housing and Urban Affairs Committee. Hensarling is chairman of the House Financial Services Committee.

Critics also warn the new database will be vulnerable to cyber attacks that could put private information about millions of consumers at risk. They also question the agency’s authority to collect such information.

Earlier this year, Cordray tried to assuage concerned lawmakers during a Jan. 28 hearing of Hensarling's panel, saying repeatedly the database will only contain “aggregate” information with no personal identifiers.

But under the April register notice, the database expansion means it will include a host of data points, including a mortgage owner’s name, address, Social Security number, all credit card and other loan information and account balances.

The database will also encompass a mortgage holder’s entire credit history, including delinquent payments, late payments, minimum payments, high account balances and credit scores, according to the notice.

The two agencies will also assemble “household demographic data,” including racial and ethnic data, gender, marital status, religion, education, employment history, military status, household composition, the number of wage earners and a family’s total wealth and assets.

Only 12 public comments were submitted during the 30-day comment period following the notice's April 16 publication.

The mortgage database is unprecedented and would collect personal mortgage information on every single-family residential first lien loan issued since 1998. Federal officials will continue updating the database into the indefinite future.

The database held information on at least 10.1 million mortgage owners, according to a July 31, 2013, FHFA and CFPB presentation at an international conference on collateral risk.

FHFA has two contracts with CoreLogic, which boasts that it has “access to industry’s largest most comprehensive active and historical mortgage databases of over 227 million loans.”

Cordray confirmed in his January testimony that CoreLogic had been retained for the national mortgage database.

The credit giant Experian is also involved in the mortgage database project, according to an FHFA official who requested anonymity.

Rep. Randy Neugebauer, R-Texas, who sits on the Hensarling panel and who has followed the mortgage database's development, said he was “deeply concerned” about the expansion.

“When you look at the kinds of data that are going to be collected on individuals, just about anything about you is going to be in this database,” he told the Examiner in an interview.

Critics of the database span the financial spectrum, including the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness and the National Association of Federal Credit Unions.

In a May 16 letter to FHFA, NAFCU's regulatory affairs counsel, Angela Meyster, said the database "harbors significant privacy concerns" and "NAFCU believes greater transparency should be provided by the FHFA and CFPB on what this information is being used for."

Meyster told the Examiner that "it goes back to the breadth of information that they’re asking for without really speaking to what they will be used for."

Meyster said she was unconvinced. "It seems they’re just adding information and they’re not really stating where it’s going or what it’s going to be used for. There’s no straightaway answer. They say they are trying to assemble as much information that they can."

Neugebauer agreed. "Why are we collecting this amount of data on this many individuals?" he asked in the interview.

The Chamber of Commerce said that while Congress did ask for regular reports, it never granted FHFA the authority to create the National Mortgage Database.

“Congress did not explicitly require (or even explicitly authorize) the FHFA to build anything resembling the NMD,” the Chamber told Watt in its May 16 letter.

Cordray in his testimony told the House, "We’re making every effort to be very careful" but he could not promise there would never be a data breach.

Neugebauer said the hacker threat is real. "If someone were to breach that system, they could very easily steal somebody’s identity."

Meyster said she doubts the government can protect the data. “We’re essentially concerned that these government systems don’t have the necessary precautions to make sure that individual consumers are identified through the database,” she said.

Computerized theft of government and commercial data is a major concern for federal officials. Indictments were made public last week for five Chinese military members who allegedly hacked into the computer systems of six American corporations.

A December report from the Government Accountability Office on breaches containing personally identifiable information from federal databases shows unlawful data breaches have doubled, from 15,140 reported incidents in 2009 to 22,156 in 2012.

A May 1 White House report on cybersecurity of federal databases also recently warned, "if unchecked, big data could be a tool that substantially expands government power over citizens.”


TOPICS: Business/Economy; Government
KEYWORDS: cfpb; citizens; cordray; corelogic; creditratings; database; experian; fhfa; mortgagedatabase; policestate; tyranny
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This goes back to the origination of 1998 mortgages. Why?

All the better for the medical-industrial-government complex to see who has assets to steal.

1 posted on 05/30/2014 5:48:55 AM PDT by Chickensoup
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To: Chickensoup

This crap’s got to stop.


2 posted on 05/30/2014 5:54:19 AM PDT by b4its2late (A Progressive is a person who will give away everything he doesn't own.)
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To: Nachum

Ping.


3 posted on 05/30/2014 5:57:51 AM PDT by pax_et_bonum (Never Forget the Seals of Extortion 17 - and God Bless America)
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To: Chickensoup

4 posted on 05/30/2014 5:58:39 AM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
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To: Chickensoup

More transparency for Americans ...
while the borders remain open
and al Qaeda and the world
proceed to take positions for their end game.


5 posted on 05/30/2014 5:58:44 AM PDT by Diogenesis
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To: Chickensoup

Mel Watt, former member of the CBC “brain” trust - you know the gang that thinks Guam may tip over, that we planted a flag on Mars, etc, etc, etc.

Richard Cordray, political termite, clerked for Bork, Kennedy and Whizzer White. Suck up to Clinton and Obama.

CFPB is Lizzy Warren’s masterpiece.


6 posted on 05/30/2014 5:58:48 AM PDT by Paine in the Neck (Socialism consumes EVERYTHING)
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To: b4its2late

Sheeple better wake up.


7 posted on 05/30/2014 5:59:50 AM PDT by ExTexasRedhead
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To: Chickensoup

That’t exactly what this is all about. A government that will use the IRS as a weapon against citizens is more than capable of stealing your money. This database could be the holy grail of political power.

Congress is sleepwalking and will do nothing to stop this outrageous abuse.


8 posted on 05/30/2014 6:01:10 AM PDT by Starboard
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To: Chickensoup
The problem can't be stopped unless there's a return to local mortgages that stay that way. Why should the fedgov be involved at all?

Under those conditions, I doubt I'd even consider getting a mortgage.

9 posted on 05/30/2014 6:02:46 AM PDT by grania
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To: Chickensoup

“All the better for the medical-industrial-government complex to see who has assets to steal.”

our current government needs this info so that they can bring suit against institutions who haven’t given the statistically appropriate share of credit and/or mortgages to the demographically chosen people.


10 posted on 05/30/2014 6:03:02 AM PDT by IWONDR
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Bookmark


11 posted on 05/30/2014 6:03:45 AM PDT by Faith65 (Jesus Christ is my Lord and Savior!)
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To: b4its2late

Unfortunately, “Once you’ve gone too far, it’s hard not to go all the way.”

I fear this is going to go all the way.


12 posted on 05/30/2014 6:06:39 AM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
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To: Chickensoup

Well, if you’re not doing anything wrong, what difference does it make?

(/sarc)


13 posted on 05/30/2014 6:07:05 AM PDT by moovova
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To: ExTexasRedhead

The country is docile and adrift without any real leadership whatsoever. And the political system is totally dysfunctional. Quite frankly, I’m surprised that Obama hasn’t gone further with his power grab strategy than he has. The road is pretty much clear to do what he wants. Nobody seems willing to stand up to him. Certainly not the congress.


14 posted on 05/30/2014 6:08:29 AM PDT by Starboard
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To: BenLurkin

We can all see how everything is being (maybe unwittingly) put in place for the guy who is going to come along and CONTROL everything.


15 posted on 05/30/2014 6:09:06 AM PDT by kjam22 (my music video "If My People" at https://www.youtube.com/watch?v=74b20RjILy4)
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To: kjam22

Bush planted the seeds.


16 posted on 05/30/2014 6:09:49 AM PDT by dfwgator
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To: ExTexasRedhead
"I swear this is the first Ive heard of it"


17 posted on 05/30/2014 6:10:08 AM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill)
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To: dfwgator

I know... its really not a political party that is responsible.


18 posted on 05/30/2014 6:13:59 AM PDT by kjam22 (my music video "If My People" at https://www.youtube.com/watch?v=74b20RjILy4)
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To: JoyjoyfromNJ

bookmark to show a naive computer tech this article later.

I think if we can hype the danger of the cyberattacks on personal data that might shake people into doing some action. BUT consider that this younger generation, with all its student debt, doubts it will ever own a home (unless mom & dad die & put put theirs in the will). So this collection regulation, based on mortgages, will be ignored by them.


19 posted on 05/30/2014 6:23:10 AM PDT by JoyjoyfromNJ (everything written by me on FR is my personal opinion & does not represent my employer)
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To: Starboard

That’t exactly what this is all about. A government that will use the IRS as a weapon against citizens is more than capable of stealing your money. This database could be the holy grail of political power.

Congress is sleepwalking and will do nothing to stop this outrageous abuse.
______________

I agree with you. The IRS appears to be the conduit for monies for the government/Medical/industrial complex.


20 posted on 05/30/2014 6:26:11 AM PDT by Chickensoup (Leftist totalitarian fascism is on the move.)
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To: JoyjoyfromNJ

I think if we can hype the danger of the cyberattacks on personal data that might shake people into doing some action. BUT consider that this younger generation, with all its student debt, doubts it will ever own a home (unless mom & dad die & put put theirs in the will). So this collection regulation, based on mortgages, will be ignored by them.
________________

Most of the elderly will have their homes target to pay for care as their non real estate assets are reduced.


21 posted on 05/30/2014 6:28:05 AM PDT by Chickensoup (Leftist totalitarian fascism is on the move.)
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To: Chickensoup

Starting this year, the blood work provider, Lab Corp, getting 100% reimbursed from my insurance, stopped accepting and processing my blood work. I cannot get a physical exam done, need uric acid test to get gout medication. Doctor won’t do prescription without blood work.

LAB CORP refuses to process without my SSN. I have never used my SSN for any medical and neither does my wife’s insurance require it. Lab Corp started this THIS year.

No Florida law dictating this either.

The system is pulling all the stops in violating the intent of the SS numbers. They are using for ID, clear violation.

Nobody in elected office will stop it, even RINOs are all for tracking by SSN.

Gotta get my meds in any other country than USA.


22 posted on 05/30/2014 6:32:49 AM PDT by George from New England (escaped CT in 2006, now living north of Tampa)
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To: kjam22

“We can all see how everything is being put in place for the guy who is going to come along and CONTROL everything.”

Or the “gal”.....Hitlery Rotten Clinton.


23 posted on 05/30/2014 6:36:04 AM PDT by july4thfreedomfoundation (I don't want to feel "safe." I want to feel FREE!)
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To: Chickensoup

Trust me, there are legions of contractors out there who are looking forward to being tasked by the government to merge personal data, financial data, health data, etc. from myriad government databases. A mosaic is a picture formed by many pieces. This is very easy to do.

There isn’t anything the government will not know about you. But even worse is that fact that this data will eventually be compromised. Your life will be an open book.


24 posted on 05/30/2014 6:36:49 AM PDT by Starboard
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To: Chickensoup

Insanity.

What has come following the passage of the ridiculously Orwellian Patriot Act is chilling.


25 posted on 05/30/2014 6:40:16 AM PDT by RIghtwardHo
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To: moovova

Depends on the definition of “doing anything wrong”.


26 posted on 05/30/2014 6:41:43 AM PDT by Texas resident (The democrat party is now the CPUSA)
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To: George from New England

Nobody in elected office will stop it, even RINOs are all for tracking by SSN.

*************
The GOP is the LAST party to stop any abuses. When was their last effort to defend our Constitutional rights from being abused by the liberals?


27 posted on 05/30/2014 6:44:10 AM PDT by Starboard
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To: Starboard
Congress is sleepwalking and will do nothing to stop this outrageous abuse.

Of course they aren't going to do anything to stop this. They have plenty of interest in making sure that this happens and can be expanded down the road.

28 posted on 05/30/2014 6:44:38 AM PDT by Orangedog (An optimist is someone who tells you to 'cheer up' when things are going his way)
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To: George from New England
LAB CORP refuses to process without my SSN

ask them what they do for an illegal alien who has no SSN.

29 posted on 05/30/2014 6:52:11 AM PDT by Lockbox
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To: b4its2late
This crap’s got to stop.

If you are concerned now, check back with us in a couple of years after the gutless Repubs take back the Senate, maintain the House, and Obozo/Holder go for broke!!!!
30 posted on 05/30/2014 7:03:19 AM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: Chickensoup

Though still at a formative stage, eventually the US is going to have to create a “database control act”, regulating both government and commercial databases of personal information.

At the federal government level, there will be two tiers of databases.

A criminal database, maintained exclusively by the FBI, for all law enforcement. Other agencies may contribute *raw* data, but that door will only open for input; that is, only when *raw* data is verified will the FBI be able to release it to other agencies of government.

The second database will a general administrative database, which will be strictly limited by congress in what exactly content it may contain, for use by federal and state agencies.

Databases outside of these two will be prohibited, and any effort to archive, compile, maintain, buy or sell other databases will be a criminal offense to those *individuals* who did so, not just their agency or office. With a reporting requirement if such databases are discovered.

As far as commercial databases are concerned, there may be a need for federal and state regulatory agencies to oversee them in all respects. Likewise, there must be a mechanism for data review and verification; as well as the ability to correct inaccurate data.

It will take decades for such an agency to get a handle on the current problem.

Again, this is a formative idea that will need a lot of work to make it practical. It will likely have to be a part of a general downgrade of federal agencies, especially intelligence and police agencies.


31 posted on 05/30/2014 7:34:54 AM PDT by yefragetuwrabrumuy ("Don't compare me to the almighty, compare me to the alternative." -Obama, 09-24-11)
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To: yefragetuwrabrumuy

Though still at a formative stage, eventually the US is going to have to create a “database control act”, regulating both government and commercial databases of personal information.

_____________

May be too late. Powerholders do not give-up power willingly.


32 posted on 05/30/2014 7:40:41 AM PDT by Chickensoup (Leftist totalitarian fascism is on the move.)
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To: Cheerio

Yeah. No kidding.


33 posted on 05/30/2014 7:50:23 AM PDT by b4its2late (A Progressive is a person who will give away everything he doesn't own.)
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To: BenLurkin

That’s a true statement. I made mine out sheer frustration. I wanted to use the s word, but restrained myself!


34 posted on 05/30/2014 7:51:28 AM PDT by b4its2late (A Progressive is a person who will give away everything he doesn't own.)
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To: ExTexasRedhead

Yes, it’s like the walking dead in this country for many.


35 posted on 05/30/2014 8:05:14 AM PDT by b4its2late (A Progressive is a person who will give away everything he doesn't own.)
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To: RIghtwardHo

Are they going to list ALL of mac daddies SS numbers?


36 posted on 05/30/2014 8:27:41 AM PDT by chiefqc
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To: Starboard

Sounds like Germany in the late 1930’s or early 1940’s, ya think?


37 posted on 05/30/2014 8:47:52 AM PDT by ExTexasRedhead
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To: lonevoice

Ping for yet another horror story.


38 posted on 05/30/2014 8:51:31 AM PDT by Pride in the USA
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To: George from New England

So make up a number and give it to them.


39 posted on 05/30/2014 8:55:53 AM PDT by B4Ranch (Name your illness, do a Google & YouTube search with "hydrogen peroxide". Do it and be surprised.)
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To: B4Ranch

good idea
since i’m getting older, i just might not give them any info.


40 posted on 05/30/2014 9:01:35 AM PDT by ncpatriot
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To: ncpatriot

Include part of your phone number and part of your drivers license number. Make it look like something a confused person might do, innocently, of course! Just a mild case of dementia.


41 posted on 05/30/2014 9:32:19 AM PDT by B4Ranch (Name your illness, do a Google & YouTube search with "hydrogen peroxide". Do it and be surprised.)
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To: Lockbox

The illegals are using OUR ss numbers!!


42 posted on 05/30/2014 9:59:53 AM PDT by ridesthemiles
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To: grania

The mortgage market now almost entirely federal government owned. Everything is going according to plan.


43 posted on 05/30/2014 10:26:07 AM PDT by Rusty0604
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To: Pride in the USA

Yikes! It’s an ill wind that blows nobody any good.


44 posted on 05/30/2014 12:30:35 PM PDT by lonevoice (Life is short. Make fun of it.)
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To: null and void

Of possible conspiracy-theory interest.


45 posted on 05/30/2014 12:41:28 PM PDT by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: Chickensoup; COUNTrecount; Nowhere Man; FightThePower!; C. Edmund Wright; jacob allen; ...

Nut-job Conspiracy Theory Ping!

To get onto The Nut-job Conspiracy Theory Ping List you must threaten to report me to the Mods if I don't add you to the list...

46 posted on 05/30/2014 3:35:43 PM PDT by null and void (Disarm Hollywood! No Guns for Box Office!)
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To: Chickensoup

If you had a neighbor who snuck around and watched your every move, listened to your conversations and collected all your health and financial data you would know he was one creepy dude. That is what our government has become. A collection of creeps.


47 posted on 05/30/2014 3:46:24 PM PDT by Lurkina.n.Learnin
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To: Lurkina.n.Learnin

the Consumer Financial Protection Bureau

When do we get a Bureau to protect us from the government bureaucracys?


48 posted on 05/30/2014 3:50:56 PM PDT by Lurkina.n.Learnin
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To: Chickensoup

What could possibly go wrong?


49 posted on 05/30/2014 3:53:01 PM PDT by Taxman
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To: BenLurkin
Unfortunately, “Once you’ve gone too far, it’s hard not to go all the way.”

Time to invest in big sunglasses and even bigger sombreros. You're correct. There is no turning back. Big Brother is here to stay. If mortgages get this scrutiny, rental agreements will soon follow. Cash transactions will likely be banned in the next 5 years so everyone will have to use some sort of credit card with implants not far around the corner. Bartering will become more popular until such deals are caught by drones and other cameras. Heil, Der Leader! FYI, another police inside home invasion resulted in another dog's death in Round Rock, TX near Austin. The family's alarm went off when they weren't home. The police forced their way inside the house and shot the dog claiming it was vicious. Well, duh, it's his house! The news showed that apparently they backed the poor thing into a back bedroom and killed it. !(&%&_@! As if they couldn't have just shut the bedroom door instead of firing off 5 rounds. Or, better yet, not have broken into the house since it wasn't being burglarized. These thug cops are worse than any gang. The more power and military toys hussein gives them, the worse it will become. America, home of the free and brave, was nice while it lasted.

50 posted on 05/30/2014 3:54:36 PM PDT by bgill
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