On the morning of Monday, Aug. 27, Seth Frotman told his two young daughters that he would likely be home early that day and could take them to the playground. They cheered.
He did not tell them why their dad, who often worked long hours as the student loan watchdog at the federal Consumer Financial Protection Bureau, would be free for an afternoon play date.
Frotman assumed that after walking into his office and, at precisely 9:30 a.m., hitting "send" on an incendiary resignation letter to lawmakers accusing the Trump administration of betraying student borrowers, he would promptly be walked out with his things, and his career, in a cardboard box.
"Unfortunately, under your leadership," Frotman wrote to his boss, Mick Mulvaney, "the Bureau has abandoned the very consumers it is tasked by Congress with protecting. Instead, you have used the Bureau to serve the wishes of the most powerful financial companies in America."
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6 comments:
Don’t forgive the loan just lower the interest rates from 6.5% down to 1% and people can afford to pay it off
Abolish FED ED! This guy will be running for some kind of political office soon.
Frotman is another deep state swamp dweller that thinks he makes policy.
Don't let the door hit you in the ass on the way out Frotman.
The program is broken. Fix it.
If you agreed to accept the loan you should pay it back. Loan forgiveness b.s.!
If they loaned money to people with no job, a credit score in the 300's, and with multiple other unpaid student loans, THEY should take the hit for that, too.
Instead, they were allowed (by those blood sucking leeches in Congress) to be EXEMPTED from bankruptcy law (!!), allowed to continue to loan money to unqualified applicants (because they can chase them for years and use all the other collection laws to squeeze mostly poor and middle class), and allowed to continually defer payments (!!).
I see CBI reports by the dozens --- people are loaned $100,000 to become a CNA making $12 an hour. NO BANK would ever loan these people money, but these snakes kept Americans in debt for their WHOLE LIVES. At 11-24%.
THEY bear just as much responsibility as the borrower, if not more.
NO ONE can justify what they are doing, except congress and the rich people they set up for even greater wealth.
We NEED a revolution and we NEED to hang these people.
They will NEVER stop f'ing us until we stop their breathing.
Or
Keep cheering them.
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