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As Paperwork Goes Missing, Billions in Private Student Loan Debts May Be Wiped Away
NY Times via MSN ^
| STACY COWLEY, JESSICA SILVER-GREENBERG
Posted on 07/17/2017 4:46:53 PM PDT by Libloather
Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing.
The troubled loans, which total at least $5 billion, are at the center of a protracted legal dispute between the student borrowers and a group of creditors who have aggressively pursued them in court after they fell behind on payments.
Judges have already dismissed dozens of lawsuits against former students, essentially wiping out their debt, because documents proving who owns the loans are missing. A review of court records by The New York Times shows that many other collection cases are deeply flawed, with incomplete ownership records and mass-produced documentation.
(Excerpt) Read more at msn.com ...
TOPICS: Crime/Corruption; Extended News; Government; News/Current Events
KEYWORDS: debt; education; loan; paperwork; student
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One advantage to be on Hillary's secret server.
To: Libloather
Also countless fraudulent loans to all kinds of people posing as “students” got wiped away too.
2
posted on
07/17/2017 4:47:57 PM PDT
by
Steely Tom
(Liberals think in propaganda)
To: Libloather
How does digital “paperwork” get lost?
3
posted on
07/17/2017 4:49:47 PM PDT
by
Paladin2
(No spelchk nor wrong word auto substition on mobile dev. Please be intelligent and deal with it....)
To: Libloather
The loan resellers and buyers should have learned from the subprime mortgage debacle. Caveat Emptor!
To: Paladin2
How does digital paperwork get lost? Just like Hillarys emails. Duh.
5
posted on
07/17/2017 4:53:47 PM PDT
by
unixfox
(Abolish Slavery, Repeal the 16th Amendment)
To: Steely Tom
Another gift from Obama
Wonder how much we really got scammed for this time??
Well, at least it’s not there money
6
posted on
07/17/2017 4:55:02 PM PDT
by
Keyhopper
(Indians had bad immigration laws)
To: Keyhopper
7
posted on
07/17/2017 4:56:13 PM PDT
by
Keyhopper
(Indians had bad immigration laws)
To: unixfox
"How does digital paperwork get lost?"
Just like Hillarys emails. Duh. Wiped, with a cloth?
To: Libloather
And not ONE WORD about STEPPING UP and PAYING what you OWE? Because THAT’S not THEFT for some reason?
I should’ve gotten on THAT Gravy Train! I could’ve used that cash to buy and flip more houses. I’d be rich, rich, RICH right about now!
*SPIT*
9
posted on
07/17/2017 4:57:27 PM PDT
by
Diana in Wisconsin
(I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set!)
To: Libloather
If your original lender can't prove that they still own your debt you are under no obligation to pay them. If you do pay them and at a later date another entity shows up that can actually prove that they own your debt you will have to pay them - regardless of the previous payments you made to the unproven (fraudulent) owner of your debt.
Student loans, mortgages, bookies, it all works the same way. Make sure you are paying the real owner of your debt not just someone that presents themselves as such.
10
posted on
07/17/2017 4:58:49 PM PDT
by
Garth Tater
(What's mine is mine.)
To: Libloather
This is part of a vast left-wing (corrupt democrat) conspiracy to defraud the taxpayers. Just another Marxist wealth redistribution scheme.
11
posted on
07/17/2017 4:58:55 PM PDT
by
Jim Robinson
(Resistance to tyrants is obedience to God!)
To: Keyhopper
12
posted on
07/17/2017 4:59:11 PM PDT
by
davius
(You can roll manure in powdered sugar but that don't make it a jelly doughnut.)
To: Libloather
Taxpayers among others will pay and others will gain. We need to know the names of all individuals and companies that lost the paperwork and yet will be made whole. Our system is corrupt and no one pays.
13
posted on
07/17/2017 4:59:53 PM PDT
by
apoliticalone
(Political correctness should be defined as news media that exposes political corruption)
To: IndispensableDestiny
The loan resellers and buyers should have learned from the subprime mortgage debacle. Caveat Emptor! I think they did. That's the problem.
14
posted on
07/17/2017 4:59:55 PM PDT
by
Reverend Wright
(Everything you need to know about leftists can be learned from the Nazi-Soviet Pact.)
To: Jim Robinson
Tony and Vinnie can make the collections.
15
posted on
07/17/2017 5:00:24 PM PDT
by
reg45
(Barack 0bama: Gone but not forgiven.)
To: Libloather
Figures; after I paid mine!
16
posted on
07/17/2017 5:00:36 PM PDT
by
\/\/ayne
(I regret that I have but one subscription cancellation notice to give to my local newspaper.)
To: All
What BS. Government never “loses” records of what YOU owe THEM.
To: Diana in Wisconsin
You should pay what you owe. You just have to make sure you are paying the current owner of your debt - which is not easy to do these days. If you pay the “wrong” owner of your debt you are still on the hook for your debt. Many people have lost their homes due to confusion as to the actual owner of their debt.
18
posted on
07/17/2017 5:02:23 PM PDT
by
Garth Tater
(What's mine is mine.)
To: Libloather
19
posted on
07/17/2017 5:03:19 PM PDT
by
a fool in paradise
(Bill Clinton and Al Gore took illegal campaign contributions from the Chi-Coms and 'nobody' cared...)
To: Libloather
However, the taxpayers will eventually “own” this debt and no “judge” will find a way to get them off the hook.
Work harder, chumps.
20
posted on
07/17/2017 5:04:07 PM PDT
by
TTFlyer
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