Obama, Pelosi on a roll.......

getchamoneyrigh
getchamoneyrigh Members Posts: 506
edited March 2010 in The Social Lounge

Comments

  • Swiffness!
    Swiffness! Members Posts: 10,128 ✭✭✭✭✭
    edited March 2010
    "Ferocious Lobbying By Banks Is Defeated"

    Yeah, its a good thing.
  • getchamoneyrigh
    getchamoneyrigh Members Posts: 506
    edited March 2010
    Swiffness! wrote: »
    "Ferocious Lobbying By Banks Is Defeated"

    Yeah, its a good thing.

    ? good for me, I need some more dough my doctor college tuiton is like 30000 grand a year. Call me a welfare man, but damn I need some welfare right now with these tuiton costs. If anything in America should be free it is this!
  • The Prime Minister
    The Prime Minister Members Posts: 2,883 ✭✭✭✭✭
    edited March 2010
    LOL at thinkin' Obama going hard on bankers.

    This is a major political slight of hand. The default rate on student loans is like 30%.

    Banks been trying to get outta student loans for the last decade.

    Besides, most student loans are issued by Fannie Mae, which at this point is completely insolvent.
  • whar67
    whar67 Members Posts: 542
    edited March 2010
    1. Sallie Mae is the entity the government set up to give out student loans. Fannie Mae was for housing loans. Fannie does offer student loans it is secondarybusiness to them though. Market capitolization for Sallie is 6.4 Billion while 1.18 for Fannie. Currently SLM (Sallie) is trading at 12.73 per share.
    2. Student default rates are generally below 5% but have spiked up to 6.9% with the current economy.
    3. The bill will save the government $61 billion in reduced fees normally paid to banks.
    4. Student loans are offer by all major banks.
    5. No law exists compelling them to offer these loans. They do so because they are profitable.

    Where is the sleight-of-hand again?