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Global Healing Center? is a leading natural health provider offering natural and organic supplements, cleanses, and a wealth of free natural health articles.

Global Healing Center? is a leading natural health provider offering natural and organic supplements, cleanses, and a wealth of free natural health articles.

Student Loan Collection Draws CFPB Attention And Ire


The CFPB laid down some serious fines on National Collegiate Student Loan Trusts and its debt collector, Transworld Systems, Inc. The firms were collectively ordered to pay $26.1 million for attempting to collect on loans that were at best out of date and at worst nonexistent.

The Consumer Financial Protection Bureau (CFPB) specifically alleges that the firms would drag “borrowers” into court or pursue aggressive collection actions on consumers whose debts had already expired — or on debts that they could not actually prove were owed. The action against the entities further alleges that they relied on false and misleading legal documents to compel funds out of consumers illegally.

All in all, the trust filed nearly 500 lawsuits (486 at current count, though that number could climb) on debts where the statute of limitations for collections had already expired — totaling about $3.5 million in funds collected from consumers that they arguably no longer owed.

National Collegiate Student Loan Trusts is comprised of 15 trusts that own more than 800,000 private student loans in total. In the years before the financial crisis — when the world started taking a much more jaundiced look at the practice — the firm specialized in buying up student loans and packaging out those loans to investors.

And — like the subprime mortgage loans whose securitization brought on the housing bubble and the resultant recession — the paperwork associated with National Collegiate securitized student loans was often flawed or incomplete, according to the CFPB.

Harm to Consumers

Those debts, the CFPB noted in its complaint, had extremely pernicious results for consumers. Reports indicated that the debt collection agency filed nearly 95,000 lawsuits across the country between 2012 and 2016.

In 2,000 suits, National Collegiate could neither produce proof of ownership of the debt nor a promissory note, which borrowers sign promising to repay the loan. Despite being unable to produce those documents necessary to validate their debt, Transworld employees nonetheless signed sworn affidavits claiming to have reviewed account records they never read — and even, at times, had interns and mailroom clerks execute affidavits when there were backlogs.

Borrowers paid $21 million in judgments against them.

The trust’s collection practices were so extreme that Donald Uderitz, the founder of private equity firm Vantage Capital Group (VCG) and beneficial owner of the trusts (his company receives any money remaining after noteholders are paid), became concerned enough to bring in an auditor in 2015 to review the work of the company charged with handling loan payments and maintaining custody of the loan documents.

The End of a Long Investigation

The new settlements come after a three-year investigation — and still must be signed off on by a federal judge.

Uderitz noted that they collaborated with the CFPB on the agreement and they would work with the agency “to finish the job.”

”We frankly welcomed the intervention of the CFPB to help us to put an end to these appalling practices,” he said.

Transworld will pay a $2.5 million fine and take other measures “in order to avoid costly and potentially protracted litigation with our primary regulator,” it said in a statement.

The trust — as is standard practice — has neither admitted nor denied the CFPB finding, but has affirmed that its business practices “adhere to all federal and state consumer protection laws and embody best practices in the industry.”

Student loan debt, however, remains something of a sword of Damocles hanging over the head of the economy. As of the end of Q2, 11.2 percent of all outstanding student loan debt was 90 days past due or defaulted, a greater proportion than for credit cards and mortgages, according to the New York Federal Reserve Bank.

The CFPB has also been recently making noises about toughening regulation on debt collectors, due to the annual tidal wave of complaints from consumers about illegal and harassing practices by various debt collectors.

As of yet, no new rule has been proposed.

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Wisconsin to Remove Academics From Higher Ed


 
When I cover the madness affecting higher education, California comes up often, although I certainly cover schools in the rest of the country.
 
Wisconsin has avoided the madness, with nothing in the way of riots or flamboyant frauds that seem commonplace elsewhere. You’d  think the state government there would leave well enough alone, but such is not the case. Are they jealous? It would seems so, because when I write of events in Wisconsin, it’s always about the ways the government there is working diligently to undermine the success higher education has seen in Wisconsin.
 
 
 
One of the key factors in the destruction of higher ed, identified by everyone who works in it, has been the infestation of a greedy administrative class filled by people with no actual education experience.
 
Dean: “We need to have a meeting regarding a student complaint about you. She said the final exam she took didn’t have the questions on it that it was supposed to have.”
 
--the gentle reader needs to understand the only way a student could make this complaint is if she had access to the final exam questions—I was tipped off that the student had access to the final, so, yes, I changed some things around. The Dean, having no education experience, could only determine there was an unhappy student.
 
Every campus has legions of administrators, filling hives which eventually turn into palaces. The way how higher education is set up, especially community colleges, makes it particularly easy to stick a few dozen friends and family into 100k a year “do nothing” administrative jobs with nobody the wiser. Yes, every once in a blue moon we find out about it, but it won’t surprise me to eventually learn that dozens of states have systems with such activity in them.
 
Admin: “It is now mandatory that on the first day of class, you are to assign all students into groups, for purposes of group projects and in-class work. You will maintain these groups for the entire semester.”
 
I’m serious, yet another utterly inexperienced Deanling tried to cram this down our throats, because “group projects improve retention.” Only after faculty explained to her repeatedly that attrition made this idea completely unworkable (because about half our students were fake students who were only there for the checks) did she relent….I can’t recall if it was 3, or 4, weekly meetings until she acknowledged reality. I kid myself to think the faculty convinced her directly, but we were smart enough to tell the students stuck in 1-person groups to complain to the Dean about it.
 

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Video: The Least Diverse Place in America

Our College Campuses


What is the least diverse place in America? It's the institution that most actively seeks racial, ethnic, gender, and cultural diversity: the college campus! Colleges want students to look different, but think the same. Charlie Kirk, founder of Turning Point USA, explains.

 
 
 
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Video: Dr Jordan Peterson - The Unconscious Mind of The SJW


Psychology Professor Dr. Jordan B. Peterson makes a psychoanalytical / Freudian hypothesis on the unconscious desires of the SJW. Could it be that as masculinity is getting more and more eradicated out of western society, the longing for dominance and hyper masculinity grows even in those who argue for equality and call for the removal of 'toxic masculinity'?

 
 
 
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Video: Millennials in the Workforce

A Generation of Weakness


Editor's Note:
This presentation really sums up what the dominance of Liberal (Socialist/Collectivist/Communist) dominance of our gubermint/media/education has done to intellectually and emotionally cripple entire generations.

 

 
 
 
 
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Debt Is Destroying Our Economy


National Debt Clock


Most people don't know the Federal Reserve is not a government entity. It's no more Federal than Federal Express. It's owned and controlled by the largest private banks. They are using their control of the Fed to destroy the dollar, our economy and wipe out the middle class so they can replace it with a system and currency they have even MORE control of. If we don't shut down the bankers, the Federal Reserve, this nation is history! The Congress can REPEAL THE FEDERAL RESERVE ACT and return control over our currency to "We The People." We have to take back control of Congress and DEMAND THIS HAPPEN in the upcoming election!

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Global Healing Center? is a leading natural health provider offering natural and organic supplements, cleanses, and a wealth of free natural health articles.

Global Healing Center? is a leading natural health provider offering natural and organic supplements, cleanses, and a wealth of free natural health articles.