“Speculators want us to be obedient consumers. Loan servicers are cool tho.”
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Date: September 29th, 2022 7:28 PM Author: vivacious library
Lawsuit argues forgiveness will hurt loan servicers
The lawsuit was filed in a federal court in Missouri by state attorneys general from Missouri, Arkansas, Kansas, Nebraska and South Carolina, as well as legal representatives from Iowa.
“In addition to being economically unwise and inherently unfair, the Biden Administration’s Mass Debt Cancellation is another example in a long line of unlawful regulatory actions. No statute permits President Biden to unilaterally relieve millions of individuals from their obligation to pay loans they voluntarily assumed,” Nebraska Attorney General Doug Peterson’s office said in a news release.
The plaintiffs argued that student loan servicers – including the Higher Education Loan Authority of the State of Missouri, known as MOHELA – are harmed by Biden’s student loan forgiveness plan. It argues that the plan creates an incentive for borrowers to consolidate Federal Family Education Loans owned by MOHELA into Direct Loans owned by the government, “depriving them (MOHELA) of the ongoing revenue it earns from servicing those loans,” according to the lawsuit.
(http://www.autoadmit.com/thread.php?thread_id=5202140&forum_id=2#45253177) |
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