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Archives for March 2015

SENATE DEMOCRATS URGE RELIEF FOR STUDENT BORROWERS NOTING THAT BIG ED WILL GENERATE OVER $100 BILLION LOAN REPAYMENTS IN THE NEXT DECADE

Bloomberg News reported that a group of Senate Democrats, led by Elizabeth Warren of Massachusetts, urged the government to offer relief to distressed borrowers, even if that dampens the profit it makes from collecting on people with outstanding loans. In a letter to Education Secretary Arne Duncan,the six senators wrote, “It is not the job…

JPMORGAN CHASE IS FORCED TP PAY OUT HISTORIC $50 MILLION SETTLEMENT ADDRESING “ROBO SIGNING” AND OTHER IMPROPER PRACTICES IN BANKRUPTCY CASES IN THE EASTERN DISTRICT OF MICHIGAN

Accoring to a USTP press release, the U.S. Trustee Program has entered into a national settlement agreement with JPMorgan Chase Bank which will require Chase to pay more than $50 million including cash payments, mortgage loan credits and loan forgiveness to over 25,000 homeowners who are or were in bankruptcy. Chase has also agreed to…

BIG ED Cancels Contracts with Five Private Collection Agencies

As reported on February 28, 2015 by Student Loan Borrower Assistance, the Department of Education announced late in the day on Friday that following a review of 22 private collection agencies, the Department will “wind down” contacts with five agencies that were “…providing inaccurate information to borrowers.” The five companies are: Coast Professional, Enterprise Recovery…