Student Loan Lawsuits – Is This “Robosigning 2.0″?

Student loan debt is at 1.2 trillion dollars; which is the largest national debt, second to only mortgage debt. The Consumer Financial Protection Bureau estimates there is an additional $150 billion in banks and private loans.
According to an article in Bloomberg Business many lenders are finding that their suits are marred by missing documents and procedural errors – such as the same problems we saw with robosigning scandals in mortgage loans. “This is robosigning 2.0 with student loans,” says Robyn Smith, a lawyer with the National Consumer Law Center, a nonprofit advocacy group. “You have securitized loans in these large pools; you have the sloppy record keeping,” as in the mortgage crisis.
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