New statistics prove our student loan system is broken

Millions of former students are struggling under the weight of loans.

There are millions of students who are senselessly defaulting on their student loans while failing to take advantage of programs meant to protect them financially. And chances are, it’s the poorest, least sophisticated borrowers who are suffering worst.

 

 

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U.S. government student loan policy reaping $51 billion profit

At $1.1 trillion, student debt eclipses all other forms of household debt, except for home mortgages.

The U.S. government is forecast to turn a record $51 billion profit this year from student loan borrowers, a sum greater than the earnings of the nation’s most profitable companies and roughly equal to the combined net income of the four largest U.S. banks by assets.

 

 

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More Than 10% of Homeowners Missed a Mortgage Payment First Quarter of 2010

Short Sale

A short sale is when banks agree to let borrowers sell their homes for a reduced price if they owe more than it’s worth.

The number of homeowners who missed at least one payment on their mortgage surged to a record in the first quarter of the year. More than 10% of homeowners had missed at least one mortgage payment in the January-March period, the Mortgage Bankers Association said Wednesday. That number was up from 9.5% in the fourth quarter of last year and 9.1% a year earlier.

 

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Seven Rules For The First-Time Home Buyer

MoneyL

Too many people bought too much house for too many years.  Yes, the financial system almost collapsed because mortgage bankers and brokers told lies about loan terms and loosened standards in dangerous ways, and investment bankers packaged those loans into bonds that were far more toxic than ratings agencies predicted.

 

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