This is impossible is you consider the financial sector - any kind of unsecured private lending like mortgages become dead in the water, fraud detection goes out the window, money laundering, etc.

I am not convinced mortgages is a net benefit to the society in any way.

It's not impossible. It just raises risk and thus borrowing rates to compensate. That has a dragging effect on the economy and brings up an important question: Are there rights we're willing to give up for money? For a lot of people, perhaps yourself the answer is yes. For others there's no price on their rights - they're not for sale.

And?

Good points, but there should be partial solutions. For example, you can present data about the consumer in order to decide on the mortgage, but once the transaction is complete, the data should disappear. You need something akin to "the data can be used only for the particular purpose of the transaction at hand, and the data must be wholly necessary for the transaction at hand."

We also know that mortgage lenders use irrelevant---well, scratch that---protected data to make decisions (i.e. discriminatory). Race for example is not supposed to be used in lending decisions.

Fraud detection can probably be solved by other reasonable means. And in any case, if you take the fraud argument to the limit, then you'd end up advocating for constant surveillance to prevent fraud. Equifax, Experian, and Transunion are all horrible companies who do their ostensible job minimally well, while maximizing the exploitation of the data of the people.