Virginia Kruta reports at the Daily Caller:
Waters Tries to Pin Student Debt Crisis on Banks – Forgets Student Loans Were Nationalized 10 Years Ago
Democratic California Rep. Maxine Waters challenged bank executives during a Wednesday morning hearing, appearing to blame them for the student debt crisis.
What she appeared to leave out was the fact that student loans were nationalized nearly a decade ago under former President Barack Obama to cut banks’ ability to offer government-backed loans…
Waters began by explaining the student debt crisis, saying, “Today, there are more than 44 million Americans that owe … $1.56 trillion in student loan debt.”
She added, “Last year, 1 million student loan borrowers defaulted which is on top of the 1 million borrowers who defaulted the year before.”
Then, Waters turned the questions on the bank executives, asking what they intended to do about the student debt crisis: “What are you guys doing to help us with the student loan debt? Who would like to answer first? Mr. Monihan? Big bank?”
“We stopped making student loans in 2007 or so,” he responded.
“We exited student lending in 2009,” he replied.
“Mr. Dimon?” Waters tried again.
“When the government took over student lending in 2010, we stopped doing all student lending,” he said.
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