Student loans were given out just like sub prime loans yet once obama doesn’t want to go after the bankers instead he wants the poor saps whose pensions funds, etc are invested in this garbage to pay for it. He would like the taxpayers to pick up the rest of it but he has opposition.
Private Student Loans Work Like Subprime Mortgages
CFPB, Obama Administration urges Congress to allow students to wipe [...]
The numeric implications as well as the magnitude of the student loan bubble have been discussed extensively before. Yet just like most people’s eyes gloss over when they hear billions, trillions or quadrillions, so seeing the exponential chart of Federal Student debt merely brings up memories of a math lesson from high school, or at best, makes one think of statistics. And as we all know statistics are faceless, nameless and can [...]
Representative Hansen Clarke of Michigan has just introduced H.R. 4170, The Student Loan Forgiveness Act of 2012, in the House of Representatives – legislation designed to lend a helping hand to those struggling under massive amounts of student loan debt.
This is a petition for the House of Representatives to vote on this bill in 2012.
Here is a summary of what the bill does:
Make student loan repayment both simple and fair [...]
Homeowners who have resisted the urge to refinance their mortgages until now could be rewarded for their willpower. Mortgage rates have fallen to new lows—and banks are rolling out incentives to win business.
Economic uncertainty in Europe and slow growth in the U.S. are prompting investors to pile into ultrasafe U.S. Treasurys. That, in turn, is pushing down mortgage rates, which are tied to Treasurys.
The average interest rate on a [...]
The primarily sovereign credit crunch in Europe, which has resulted in part due to the ECB’s disastrous, and since reversed decision just like in 2008, to hike rates early in the year, only to go ahead and not only cut but expand its balance sheet by a record EUR 800 billion in the past six months, has finally started trickling down to the corporate, and more importantly financial levels, where [...]
UBS says the 50% writedown of Greek paper is really just 22% after factoring in that only privately held bonds will be subject to the haircut (leaving the ECB, EU, and IMF holdings whole), and also that Greece will then need to recapitalize its banks. In other words, 50% is not nearly enough. “To achieve an actual 50% reduction … Greece would need to implement a [...]
October 26, 2011
President Obama has announced a plan to cap student loan payments at 10 percent of income, yet it’s nowhere close to what organizations like Move On.org and some in the‘Occupy’ movement are demanding.
With Americans’ student loan debts reaching 1 trillion dollars this year, there have been a number of noisy people calling for the federal government to erase student loan debts entirely in order to create ‘stimulus’ [...]
A major U.S. credit agency says it will downgrade the Greek debt to ‘default status’ as a result of the second bailout for the country. The plan agreed by EU leaders, includes both government and private loans totaling around 150 billion euros. For a broader discussion on the state of the European economy we’re joined live from Germany by William Engdahl, author of ‘Gods of Money’.
Uploaded by RussiaToday on Jul 22, 2011
A major U.S. credit agency says it will downgrade the Greek debt to default status as a result of the second bailout for the country. The plan agreed by EU leaders, includes both government and private loans totaling around 150 billion euros. The move has boosted the single currency for now, but critics say it’s only plunging the struggling Eurozone [...]
This clock reports an estimate of current student loan debt outstanding, including both federal and private student loans.
Total student loan debt outstanding exceeded total credit card debt outstanding for the first time in June 2010. The seasonally adjusted figure for revolving credit in the Federal Reserve’s G.19 report (current report, historical data) was $826.5 billion in June 2010. (Credit card debt represents as much as [...]
At least nine out of 10 students who earn degrees or certificates at for-profit schools borrow money to attend, a higher ratio than four years earlier and more than at universities or community colleges.
Nationally, for-profit schools had the highest share of defaults in the United States in 2007: 11 percent. Community colleges had a nearly 10 percent rate, and private, non-profit universities had the lowest rates, at 3.7 percent, according [...]