Senator Warren explained that in 2005, the banks successfully lobbied
Last year, the
"If struggling borrowers can't discharge their loans in bankruptcy, and if your banks won't give them loan modifications...what are they supposed to do?" Senator Warren asked
The Senator highlighted a story published by CNNMoney this week about a couple who cosigned private student loans for their daughter and were forced to take on
"There really is no substitute for bankruptcy protection. But the banks went out and lobbied to make sure that they were going to be exempt from the bankruptcy laws, and now they won't even provide the modest relief that is provided on federal loans for people who end up in terrible financial circumstances. I think this is wrong," said Senator Warren.
Watch the full Q&A here https://www.youtube.com/watch?v=haoKLe3rJxc&list=UUTH9zV8Imw09J5bOoTR18_A.
Read this original document at: http://www.warren.senate.gov/?p=press_release&id=591
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