In a recent Asset Securitization Report article, Joseph Cioffi examines how the President’s campaign rhetoric and post-election plans may support a court ruling that a class action lawsuit is a more reliable and superior way to enforce borrower rights relative to a competing action by a weakened CFPB or an inherently weak successor agency. Joseph notes that the administration seems poised to follow through on campaign promises of less regulation and reducing the CFPB’s enforcement power, including actions affecting the Public Service Loan Forgiveness program and for-profit schools’ federal aid eligibility. To read the full article, click here.
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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