When for-profit loan companies partner with “government by the people, for the people”

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“There is an uncanny resemblance between the foreclosure crisis and our student default dilemma,” said Chopra, the Consumer Federation senior fellow.

He and others said that in both instances, loan servicers did not act in the best interest of borrowers, directing them into more expensive payment options, providing them with misleading information and mishandling paperwork — all with the aim of driving up borrowers’ costs and the servicers’ own income.

pub. 07/2017

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