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 ...
Seth Frotman, wasn’t he the stunt double on Dumb and Dumber, the college years?
Most likely!
What kind of a punk sends a copy of his resignation letter to the AP.
Protecting them, from what, having to pay back the loans?
Y’all should read his, what FReepers call, “opus”. A libtard that thinks money grows on trees and lending it out should not be profitable. They don’t tell Nike what to charge or Oprah or EA Sports or Land Rover. But they expect people in the lending business to do it for free. Crazy.
Another racket deep sixed.
“Their inability to do simple math?”
That would also be their parents too. Went to a Big Ten school in the 80’s with pop over 30,000. My last semester I signed up to the take the Personal Finance class and was told it wasn’t being offered because not enough students signed up!!
Met a young women recently who was going to the local community college. She said when she was in High School her Government teacher covered basic economics. Their assignment after the section was over was to take out the loan for their dream college considering all costs tuition, books, room and board, travel, etc.. Then calculate the interest and the repayment schedule. She said her class was in shock! A bunch went to the community college.
Somehow, somewhere, this is a major scam. Like to see someone really do a forensic audit and figure out what is going on.
Also the progressive madrasas aren’t just college, they got a bunch of high schools. Heck they are showing up in grade schools!
Khrushchev warned us in the 50’s...”We will get you in your schools.”
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