Tuesday, October 04, 2011

Obama Seeks to Aid Debt Collectors Now that the Govenrment Owns Student Loan Industry

From CBS News President Obama, bucking his own party, asking Congress to allow private debt collectors, the ability to robo call cell phones in an attempt to collect past due monies owed the Federal Government, including Student Loans.

According to the AP, even Pelosi and Reid are not commenting on Obama's latest efforts to "trim" the deficit. Most student loans are now owned by the Federal Government and with a high sustained unemployment rate, one can anticipate that those who are being put under the microsope of aggressive private collection firms, at Obama's behest, are more than likely those who voted for him in 2008 and have since graduated to find that jobs are either non-existent or mainly available in the service industries, and in all likelihood, putting those student loans in forbearance or default status. The biggest question that remains, is why a private company?

With campaign doners running for the hills and donations for this quarter, coming in less than expected, one has to speculate is this the wisest move to make, or is there a connection to the collection industry?

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