Thread by @RealBankReform

We are clipping videos from today's hearing on the $1.5 Trillion #StudentDebtCrisis. Find them in this thread, starting with this unexpected question about @CongBillPosey's view on @TaylorSwift13.
#HassleForATassle

https://twitter.com/RealBankReform/status/1171447697603084294

@congbillposey @taylorswift13 .@RepPerlmutter asks Seth Frotman, formerly of the @CFPB and now at @theSBPC, about the impact of student debt on housing, borrowers of color, wealth building. #HassleForATassle

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC "@Navient is like the Comcast of student loan servicing"

--@hasanminhaj to @RepPerlmutter on the abuses of student loan servicers.

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj .@RepPerlmutter asks the lawyers on the panel about bankruptcy and student debt (and the impact of not being able to access it!), while @hasanminhaj explains he was wait listed for law school.
#HassleForATassle

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj Seth Frotman of @theSBPC tells Rep @NydiaVelazquez that the @CFPB appointing a former officer of @PHEAAaid, who's "been at a center of every scandal that's ripped off borrowers for a decade" is "outrageous but not surprising."

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid Seth Frotman from @theSBPC and Persis Yu from @NCLC4Consumers tells Rep @NydiaVelasquez that @BetsyDeVosED is trying to shield private companies from their abuses, as they rip off students.

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED Ashley Harrington of @CRLONLINE talks about the problems in the #4profit college industry, including non completions, and high levels of debt.

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE Rep @RashidaTlaib: "We saw in the mortgage crisis that doing nothing had consequences. Are the scams so prolific b/c servicers are failing to give borrowers the help they need?"
@theSBPC says, Yes!

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid .@hasanminhaj tells Rep Sean Duffy that sometimes "Aunt Becky" is what gets you into Harvard, and: "we're both former MTV stars." Not everyone can rely on that MTV check! 🤣 (Duffy wasn't happy)

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid .@RepPressley asked Frotman (@theSBPC) why the @usedgov's own audit found improper actions by servicers in over 60% of the oversight reports. www2.ed.gov/about/offices/…

Servicers "are incentivized to give bad advice."

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE @RashidaTlaib .@guamcongressman: Does anybody here advocate for cancelling student debt?

Ashley Harrington of @CRLONLINE: “Yes, we argue for broad based cancellation -- even at $10,000 of cancellation, we’d have a significant impact”

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE @RashidaTlaib @GuamCongressman .@RepDean asks Persis Yu (@NCLC4Consumers) about a tragedy facing two of her constituents: the daughter became totally & permanently disabled, and was forgiven from her student debt. The mother, as a cosigner, was not. Rep. Dean has a bill to fix this: financialservices.house.gov/uploadedfiles/…

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE @RashidaTlaib @GuamCongressman @RepDean @RepDean asks the panel about the impact of the ripoff clause, aka #ForcedArbitration, in private student loans. There’s a draft bill to fix this, too: financialservices.house.gov/uploadedfiles/…

#EndForcedArbitration

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE @RashidaTlaib @GuamCongressman @RepDean .@AOC gets the *Republican* witness to admit he wrote a paper that undermines the *main argument* Republicans have been making in today's #StudentDebtCrisis hearing.

#HassleForATassle

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE @RashidaTlaib @GuamCongressman @RepDean @AOC .@RepAOC: “@Navient forwarded wrong information to credit reporting agencies saying that permanently disabled veterans had defaulted on their loans...when they hadn’t!”

And ITT was “issuing loans that they knew had a default rate of 64%?”

Persis Yu (@NCLC4Consumers): Yes

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE @RashidaTlaib @GuamCongressman @RepDean @AOC @RepAOC @RepGregoryMeeks discusses the bailouts for farmers b/c of Trump’s trade policies, and asks: “What would $18 billion do to help the crisis of student debt?”

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE @RashidaTlaib @GuamCongressman @RepDean @AOC @RepAOC @RepGregoryMeeks .@repgonzalez asks for solutions to the #StudentDebtCrisis.

Seth Frotman of @theSBPC talks about the need for giving student loan borrowers the same rights that mortgage and credit card borrowers have.

And notes terrible incentives at @Navient for call center reps.

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE @RashidaTlaib @GuamCongressman @RepDean @AOC @RepAOC @RepGregoryMeeks @RepGonzalez Persis Yu of @NCLC4Consumers notes to @RepGonzalez that the student loan servicer @MyGreatLakes is arguing in court that they don't have to be held accountable when they commit fraud.

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE @RashidaTlaib @GuamCongressman @RepDean @AOC @RepAOC @RepGregoryMeeks @RepGonzalez @MyGreatLakes .@RepAlGreen cites the abysmally low rate of acceptance for the Public Service Loan Forgiveness (#PSLF) program as it stands today -- 0.0028%, or 55 out of 19,021 applicants.

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE @RashidaTlaib @GuamCongressman @RepDean @AOC @RepAOC @RepGregoryMeeks @RepGonzalez @MyGreatLakes @RepAlGreen Chairwoman @RepMaxineWaters points out that today’s hearing on the #StudentDebtCrisis is appears to be the FIRST full Financial Services Committee @FSCDems hearing on the topic of student lending. (They looked at records going back to 1995!) 😱

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE @RashidaTlaib @GuamCongressman @RepDean @AOC @RepAOC @RepGregoryMeeks @RepGonzalez @MyGreatLakes @RepAlGreen @RepMaxineWaters @FSCDems Chairwoman @RepMaxineWaters asks if @CFPB is doing enough to help student borrowers? (No!)

Seth Frotman @theSBPC: Student debt is “a bullseye placed on the back of ~45MM who are subjected to predatory tactics from the day they take out their loan till the day they pay it back

@congbillposey @taylorswift13 @RepPerlmutter @CFPB @theSBPC @Navient @hasanminhaj @NydiaVelazquez @PHEAAaid @NCLC4consumers @NydiaVelasquez @BetsyDeVosED @CRLONLINE @RashidaTlaib @GuamCongressman @RepDean @AOC @RepAOC @RepGregoryMeeks @RepGonzalez @MyGreatLakes @RepAlGreen @RepMaxineWaters @FSCDems Chairwoman @RepMaxineWaters points out that student debt disparately impacts borrowers of color. She asks Ashley Harrington of @CRLONLINE if the bills considering today, including the Student Borrower Bill of Rights bill would help student borrowers of color?

“Absolutely.”