Joseph Cioffi offers ValueWalk an in-depth look into the lawsuit against Navient, the largest student loan servicer. Joseph shares his thoughts on the similarities with the subprime mortgage crisis, growing sentiment in favor of student loan borrowers and the effect of the new presidential administration on the industry. Joseph states, “Prior to 2007, few, if any, knew how overburdened, outmanned and poorly equipped subprime mortgage servicers were to deal with widespread defaults…” Click here to view the full article.
With the sky-high cost of higher education and vocational training, student loans now make up over 10% of total household debt. Delinquency rates have been rising, outpacing delinquencies on credit cards, auto loans and mortgages. The Credit Chronometer has identified issues with student loan servicing, collection and enforcement practices that echo the subprime mortgage crisis and may be contributing to the student loan debt crisis. As the servicers and holders of student loan debt become subject to similar claims and investigations as those involved in subprime mortgage lending, the Credit Chronometer provides insight that helps separate fact from fiction.
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