“Research from the Fed finds total student loan debt was $1.2 trillion at the end of 2014, with an average balance of $26,700. Meanwhile, 17% of borrowers were behind in their payments or in default and only 37% of borrowers are making payments large enough to reduce their balances.”, Excerpt from June 2015 Mortgage Industry Newsletter

“Where are the greedy and reckless private sector lenders to blame here? Nowhere. Because years ago the government essentially nationalized student lending. So this consumer debt crisis can’t be blamed on the private sector, because it is almost solely caused by the unintended consequences of well-intended government policies and actions. The fact of the matter is most of the mortgage crisis was too.”, Mike Perry, former Chairman and CEO, IndyMac Bank

Posted on June 4, 2015, in Postings. Bookmark the permalink. Leave a comment.

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