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06:21 PM
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Today Obama Used His Executive Powers To Push Student Loan Reform
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[quote:Jake101:MV8xNjgzMzkwXzI3ODIwMTQ4X0NFRUUyODhE] [quote:Cheops:MV8xNjgzMzkwXzI3ODIwMTIzX0Y2NjU2ODM=] [quote:Anonymous Coward 961432:MV8xNjgzMzkwXzI3ODE5ODUyXzI1OUZFMDc=] [quote:Mooshi Kin:MV8xNjgzMzkwXzI3ODE5NzExX0Y0NjAyRDg0] Banks loan to businesses with the thought that they will make money and pay back the loan, same with students it is called an investment. It is up to the Business or the people to go and take the money. They are adults..they make the choices [/quote] You forget that it is the lenders responsibility to accurately calculate the risk involved to lend the money and then set the interest according to the risk calculated, or conversely exclude those individuals who represent too great a risk. This is called due diligence. What the banks did was lower their lending standards intentionally so they could still make $$ on fees, then they passed off the liability of the risk through derivatives to retirement funds (maybe your retirement fund) and when that was found to be without collateral they got the government to subsidize their payment streams (bailouts) for the fraudulent instruments they made. In some cases got the central bank to outright purchase the worst of the paperwork they fabricated at peak market values, that is at the highest possible price for dog crap before everyone realized it was all dog crap. Meaning from the massive leverage they magically turned the sale of say $100 in loans (derivative) into $1000 in the fourth or fifth iteration of paperwork (leverage). [/quote] The Community Reinvestment Act forced banks to lend to those who didn't qualify for loans. [/quote] I work for the largest bank in the world. We lobbied for it, so we could qualify for a bailout. Put blame where it belongs. [/quote]
Original Message
President Obama used executive order today to push forward student loan reform that would reduce monthly payments for 1.6 million borrowers next year, accelerating the previous 2014 startup timetable.
The new “Pay As You Earn” proposal for college students lowers their monthly loan payments to 10 percent of their discretionary income. The plan
also forgives the balance of their debt after 20 years of payments
.
Full article can be read here:
[
link to ecreditdaily.com
]
So if some idiot goes to college and majors in a field that has zero chance of gainful employment, WE have to pay for their bad choices? Unfriggin believable.
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