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

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I talked about this on this board and others. National Collegiate Student Loan Trusts never has the paperwork to prove standing and can be defeated easily with a half way decent Attorney. This is another standing issue and why standing is so important in a court of law. Actually this is a win win for Students saddled with these vultures.

The Times relates cases where borrowers pointed out the trusts had paperwork claiming they went to schools they never enrolled in, owed debts at amounts they’d never borrowed, and featured other glaring inaccuracies about the paperwork filed. That’s thanks to how the trusts work: They buy up private student loan debt, slice it up, and repackage it to sell to investors. Sound familiar? It should: That’s what caused the subprime mortgage crisis and the Great Recession.






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