Fed Loan Accused of Mismanaging Student Loan Debt Forgiveness Programs

The NY Times Dealbook today reports that the Massachusetts attorney general has sued the Pennsylvania Higher Education Assistance Agency, which operates under the name FedLoan, for making made errors in connection with the student loan forgiveness programs. The company, which is based in Harrisburg, Pa., holds an exclusive contract with the federal Department of Education to service loans enrolled in the public service loan forgiveness program and the Teacher Education Assistance for College and Higher Education Grant program, or TEACH, which offers assistance to those who teach in high-need areas. Congress created the program in 2007, and the first wave...

CONTINUE

Private Student Loan Debt Held by National Collegiate Trust May be Wiped Out

National Collegiate Trust is an umbrella name for 15 trust that hold 800,000 private student loans totaling $12 billion. More than $5 billion is in default. The trusts, usually represented by Transworld Systems, have aggressively pursued delinquent borrowers. The NY Times today reports that billions of the debt might be wiped away because National Collegiate Trust often lacks the paperwork to show it is entitled to collect on the debt. Judges throughout the country have dismissed lawsuits by NCT and Transworld because required documentation was missing. NCT's loans were made to college students more than 10 years ago by dozens...

CONTINUE

San Francisco Jury Awards $60 Million Against Trans Union

On June 20, 2017, the law firms of Francis & Mailman, P.C., Philadelphia, and Anderson, Ogilvie & Brewer, LLC, San Francisco, obtained the highest jury verdict in the history of the Fair Credit Reporting Act. In a class action brought against the Trans Union credit reporting agency based upon its practice of falsely associating consumers with the federal government’s OFAC terrorist watchlist, a San Francisco jury awarded the class $60,055,800 in statutory and punitive damages.

CONTINUE

Starting July 1, the Big Three Credit Bureaus Will Delete Many Tax Liens & Civil Judgments

Starting July 1,2017, Experian, Equifax and Trans Union will delete tax liens and civil judgments from consumers' credit reports unless they include the person's name, address and either their SSN or date of birth. About half of tax liens and virtually all judgments do not have a SSN or date of birth. The problem with the tax liens and judgments lacking this identifying information was that the information lacking personal identifying information often belonged to some other person. The bureaus are making these changes having received pressure from regulators and state attorneys general to improve the accuracy of their reports....

CONTINUE

House Bill is a Financial Assault on Americans

Today, the U.S. House of Representatives passed that would gut essential financial reforms enacted under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, and other  longstanding financial protections that go back decades. The National Consumer Law Center said today that this Wrong CHOICE Act makes it easy for lawbreaking financial companies to deny people their day in court, for predatory lenders to put people into a debt trap,  and for abusive financial enterprises of all types to go back to their reckless ways without a consumer watchdog looking out for ordinary people. “The bill would gut essential reforms adopted...

CONTINUE
1 2 3 50

REQUEST A FREE CONSULTATION


  • 1736 Stockton Street
    Ground Floor
    San Fransisco, CA 94133
  • (415) 651-1951