Just in case you missed it, I thought you might be interested in this article about Facebook’s foray into the mortgage market (Facebook). You might find this amusing, but I find it a little scary.
It’s not bad enough that social media has found its way into just about every segment of our lives. Now, Facebook wants to use the information gathered to further effect the outcome of how we live and what we buy. Jeez, aren’t they already involved enough in our lives?
Facebook wants to change the old saying of “You are what you eat” to “You are who you associate with”. Maybe, there is some truth to that. But, I think to take it to the extent of qualifying for a loan is taking it way too far. I guess we need to abandon our friends and family when they get into some financial difficulty which might result in them falling behind on some payments.
In today’s economy, it’s not uncommon for someone to lose their job or get a cut in pay which could put a severe strain on their ability to meet their current debt obligations. According to Facebook, we had better cut ties quick, especially if thinking of buying a home. Hey, if I need a co-signer, or want to co-sign for someone, that’s my business and I’ll do it on my own.
I think you get the picture. No need for me to belabor the point. This is not a good thing and something Facebook users should vehemently protest. After all, Facebook is supposed to be a service to the user not the other way around. But, they have found a way to gather a ton of personal information, freely provided by its members, and to use that data to make a ton of money.
Now they want to become a watchdog for the lending industry. No thanks, we don’t need any more intrusion into our business, the government is doing that just fine – thank you.
Where does it stop? Maybe, it will stop when we stop putting all our most personal information out on the internet for everyone to see.
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By the way, I don’t have a Facebook account. Do you? I wonder how I’ll ever get a loan in the future…