the idiot in the story is the lender...
The idiot in the story is the one who backstops the lender. The lender earns fees and then bundles and sells the loans, but someone backstops him.
The Lender is you & me-—these are student loans that Obama took from local banks some years ago.
They are still processed by local banks, but there have been MANY problems.
My chiropractor has a student loan that is automatically deducted from her bank account under Obama. She has had so many problems, she was ready to commit suicide. Many payments were taken out of her account, BUT NEVER credited to her loan balance. She has had to work with HER bank more than once to get this fixed, and it still isn’t bulletproof.