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Nationís top student loan official resigns [in protest of Trump]
AP ^ | 08/27/2018 | Staff

Posted on 08/27/2018 10:37:21 AM PDT by Red Badger

NEW YORK (AP) — The government’s top official overseeing the $1.5 trillion student loan market resigned in protest on Monday, citing what he says is the White House’s open hostility toward protecting the nation’s millions of student loan borrowers.

Seth Frotman will be stepping down as student loan ombudsman at the end of the week, according to his resignation letter, which was obtained by The Associated Press. He held that position since 2016, but has been with Consumer Financial Protection Bureau since its inception in 2011.

Frotman is the latest high-level departure from the CFPB since Mick Mulvaney, President Donald Trump’s budget director, took over in late November. But Frotman’s departure is especially noteworthy, since his office is one of the few parts of the U.S. government that was tasked with handling student loan issues.

The office was at the center of the lawsuits against for-profit colleges like Corinthian Colleges and is currently heading up a lawsuit between the CFPB and Navient, one of the nation’s largest student lenders. The Navient lawsuit has been mired in bureaucratic red tape as the Department of Education, headed by Betsy DeVos, has been unwilling to help the CFPB with their lawsuit. Since its creation, the student loan office has returned $750 million to harmed borrowers.

(Excerpt) Read more at apnews.com ...


TOPICS: Business/Economy; Culture/Society; Government; Politics/Elections
KEYWORDS: cfpb; cfpbstudentloans; debt; director; frotman; mulvaney; obamacfpb; ombudsman; protest; resign; sethfrotman; studentloan; studentloanombudsman; studentloans
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1 posted on 08/27/2018 10:37:21 AM PDT by Red Badger
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To: Red Badger

WINNING


2 posted on 08/27/2018 10:37:54 AM PDT by Hildy (Don't get bitter, get better.)
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To: Red Badger

‘Bye.

Cue Boothe Powers picture.


3 posted on 08/27/2018 10:38:01 AM PDT by Pearls Before Swine ("It's always a party when you're eating the seed corn.")
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To: Red Badger
There's a hammer coming down on every one that hooked these kids into taking out loans the loan officers KNEW the kid shouldn't get and had NO chance to do anything in life if indeed, the kid actually graduates with a basket weaving degree.


In my most humble opinion.

4 posted on 08/27/2018 10:42:22 AM PDT by knarf (I say things that are true, I have no proof, but they're true.)
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To: Red Badger

Obama appointee???


5 posted on 08/27/2018 10:43:17 AM PDT by elpadre (AfganistaMr Obama said theoal was to "disrupt, dismantle and defeat al-hereQaeda" and its allies.)
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To: Red Badger

Seems like every year was a Jubilee Year for this guy...

The Jews had a Jubilee Year every 50th in which all loans were forgiven...


6 posted on 08/27/2018 10:43:50 AM PDT by Tennessee Nana
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To: Red Badger

More winning than the Harlem Globetrotters.


7 posted on 08/27/2018 10:45:04 AM PDT by Alberta's Child ("The Russians escaped while we weren't watching them ... like Russians will.")
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To: Tennessee Nana

CFPB is unconstitutional per the courts. Time for all to go.


8 posted on 08/27/2018 10:45:30 AM PDT by rstrahan
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To: Red Badger

” open hostility toward protecting the nation’s millions of student loan borrowers. “

From what? Their inability to do simple math?


9 posted on 08/27/2018 10:46:31 AM PDT by VanDeKoik
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To: Red Badger
I would be very suspicious that Frotman is a front man for fraud in the Student Loan Program.
10 posted on 08/27/2018 10:47:19 AM PDT by freedom1st
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To: Red Badger
citing what he says is the White House’s open hostility toward protecting the nation’s millions of student loan borrowers.

Does "protect" translate to absolve?

11 posted on 08/27/2018 10:47:55 AM PDT by 1Old Pro
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To: Red Badger
loan ombudsman

A vital post, I'm sure.

12 posted on 08/27/2018 10:48:30 AM PDT by AndyJackson
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To: Red Badger

protecting the buyers=forgiving the debt


13 posted on 08/27/2018 10:49:25 AM PDT by morphing libertarian (Use Comey's Report; Indict Hillary now. --- Proud Smelly Walmart Deplorable)
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To: Red Badger

Was he about to be indited?


14 posted on 08/27/2018 10:49:27 AM PDT by Leep
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To: Red Badger

Quick do an Audit


15 posted on 08/27/2018 10:49:34 AM PDT by butlerweave
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To: 1Old Pro

Hilliary could have won in a landslide if she had campaigned on ‘forgiving’ student loans..................


16 posted on 08/27/2018 10:50:09 AM PDT by Red Badger (July 2018 - the month the world learns the TRUTH......Q Anon.......Timelines change. Aug 16)
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To: Red Badger

Winning! I’m still not tired of winning!!!!!!


17 posted on 08/27/2018 10:51:22 AM PDT by RooRoobird20 ("Democrats haven't been this angry since Republicans freed the slaves.")
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To: Red Badger

So Trump is protecting the taxpayers over the loan borrowers?

HIP HIP HOORAY!


18 posted on 08/27/2018 10:51:54 AM PDT by FreedomPoster (Islam delenda est)
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To: Red Badger

The fed should NEVER loan money, to anyone. They have crooked bookkeepers, who are on the take.


19 posted on 08/27/2018 10:52:00 AM PDT by gathersnomoss (Regressive Swamp Dwellers)
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To: Red Badger

Went thru the process for the first time for my son. The interest rates are NUTS!


20 posted on 08/27/2018 10:54:02 AM PDT by bantam
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