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CFPB director: Student loans are killing the drive to buy homes

homeownership rate for student loan borrowers during the first five years after. ” CFPB Director: Student Loans Are Killing the Drive to Buy Homes,” Housing.

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The U.S. official in charge of protecting student loan borrowers resigned in protest on Monday, saying the Trump administration "has turned its back on young people and their financial futures.

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Seth Frotman, an Assistant Director and Student Loan Ombudsman at the Consumer Financial Protection Bureau, told CFPB Director Mick Mulvaney to shove it and quit in an honest resignation. His experience inside the slowly gutted consumer protection agency was enough to say he’s mad as hell and not going to take it anymore.

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The CFPB proposes new rules that might curb those interest rates, although indirectly. They apply to loans of over 36 percent, secured by car titles or access to the borrower’s checking account.

Student loan debt "is having an impact, but it’s on the margin," said Mark Zandi, chief economist of Moody’s Analytics. A soft job market, low wage growth and cautious lenders are other factors.

With $1.2 trillion in outstanding student loan debt and climbing, student loan debt is now substantial enough to affect our overall economy as indebted graduates find it harder to buy a home or a car.

After the Trump administration dialed back oversight of student loan. But with Democrats in control of both state houses in 2019 and a new. Charley Olena, the advocacy director at New Era Colorado, the Consumer Financial Protection Bureau put the spotlight on the. Get our free daily newsletter.