A multi billion dollar profitable nonprofit collecting on taxpayer guaranteed student loans. Enough is enough. Feds need to recall all accounts and shut this and all other guarantors down. It would save hundreds of millions of dollars.
Trump needs to be told about this sham operation. Big win for taxpayers.
ECMC is PURE EVIL! They are the most ruthless bunch of BANDITS pretending to be a loan servicer for the DOE! What they are is a FOR PROFIT Crime Syndicate contracted by the Department of Education Higher Up Political Class who get kick backs for their continued political careers and party affiliation!
When a indigent and bankrupt individual tries to get a discharge of their student loan ECMC sends in a HIGH PAID team of unscrupulous and vicious lawyers to make sure the debtor remains stuck with the loan until the student loan debtor dies!
I know personally of a student loan debtor who is right now in this battle. He filed a Chapter 7 and the Adversary Proceeding (complaint) required by the BR court to prove Undue Hardship, ECMC was NOT even a party to the case -- Yet they filed a motion with the court to "INTERVENE" and take over the loans from the original lender/servicer!
The debtor who is filing Pro Se (because he is broke and can't afford an Attorney) is being attacked and the court is most likely NOT going to stop ECMC who has one of their main offices in the District that the Judge in the case rules in!
Folks, the corruption within the DOE is rampant! And Betsy DeVos is part of the crime syndicate! She is proving that it is business as usual in the DOE and she is smiling all the way to the Federal Credit Union where she deposits her kick backs!
These hit men repo companies will be gone by the end of the year. Student loans are going back to the private sector like it was for decades. Obama created this government mess for one reason only, to take control of education.
These guarantors didn't start out this way. The Federal Government through the DOE handed these companies BILLIONS in tax payer money to help students that were having problems repaying their student loans. These companies morphed into hard handed debt collectors. ECMC has been hauled into court many times for their strong arm tactics and relentless harassment in going after these students. Instead of using the billions of dollars handed to them to help students get in compliance with their debt, they used the free cash to expand their businesses and pay exorbitant salaries to their executives and board members plus pay HUGE bonuses to their employees. Some ECMC collection agents are making over $250,000 a year with bonuses while the students they were supposed to help are being forced into bankruptcy. Yeah, ECMC is a great company, NOT!!!
There's no shame in debt collection. Government has set the retention rates for guarantors. It's always been too high even tho lowered a couple times over the years, especially since guarantors have almost no risk. Not sure about recalling all loans but rates paid to guarantors should be slashed.