CFPB is demanding that we forgive about 500 million in student debt. That has to be Genesis (or similar in-house) debt, since we have no authority to forgive federal student loans. We recently sold about 500 million in student debt for about 19 million. If that is the case, we no longer own those loans, and cannnot, therefore, forgive them. How do we satisfy CFPB? What am I missing here?
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@38127 If you don't like the conversation then stay off the site or don't comment. Apparently, this is your life...making stupid posts and questioning someone if they are mentally challenged or unstable. I guess you have nothing intelligent to actually say though.
Anonymous38121 - So that is your life? Just posting "This is old news" all over this board? Are there other boards that you visit? Are you mentally challenged or psychologically unstable?
This is old news.
"Despite Corinthian's dire financial straits, checkered past, and history of lying to and misleading vulnerable students, tens of thousands of people may still be liable for the loans they have incurred while playing by the rules and trying to get an education," a Strike Debt member said in an email. This is a group that purchased some of our Genesis debt for pennies on the dollar (I think it was less than four cents per dollar) and forgave it.
The purchasers of the debt should be joined in the lawsuit as co-defendants if they are continuing to engage in the same unlawful practices that CCI is accused of having engaged in.
Anonymous38057 - not really, because with a car the new owner would have assumed responsibility for the exhaust. It was CCI who were fraudulent in pushing these loans on students and who should make amends. At this time, the purchasers of the debt are continuing to harass students ad report delinquencies to credit bureaus.
Isn't it a little like the police demanding that you fix the leaky exhaust on a car that you no longer own?
That's why they're suing CCi for $500 million, to pay off that debt.
It'll never be satisfied. CCI is denying all charges.
My guess is that the CFPB suit was well underway and our brilliant execs decided to be sneaky and sell the loans before we could be told to forgive them. Throughout this whole ordeal their attitudes seem to be to give the middle finger to all of the government entities, state and federal, that are pissed off at us. I don't know what's going through Jack's bizarre little bird brain, but that is most certainly NOT how you handle these types of situations. It's almost as if he's trying to assure he serves time. They're not going to now say "oh well, I guess we'll just drop the whole thing." They've been telling us for months that Genesis was a problem.