Daily Archives: July 18, 2017

As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away

Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing.

The troubled loans, which total at least $5 billion, are at the center of a protracted legal dispute between the student borrowers and a group of creditors who have aggressively pursued them in court after they fell behind on payments.

Judges have already dismissed dozens of lawsuits against former students, essentially wiping out their debt, because documents proving who owns the loans are missing. A review of court records by The New York Times shows that many other collection cases are deeply flawed, with incomplete ownership records and mass-produced documentation.

Read on.

Minneapolis City Council members urge JPMorgan Chase to cut Trump ties

Minneapolis City Council members are calling for JPMorgan Chase to sever its ties with the Trump administration and divest from private prisons and immigration detention centers, the latest move by city leaders to push against the administration from a local level.

Council Members Elizabeth Glidden, Cam Gordon and Lisa Bender sent a letter to JPMorgan Chase CEO Jamie Dimon on June 27 calling for the bank to withdraw from President Donald Trump’s business council, issue a statement against Trump’s “anti-immigrant, refugee and Muslim agenda” and stop financing private prison companies and immigration detention centers.

Read on.