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Does anybody know what will happen to loans that are through banks that are collapsing or being bought out?
Are the terms subject to change and has any bank already started changing the terms of loans that they have bought from other banks. Is there any protection for borrowers to prevent the interest rate from being increased dramatically or the length of the loan from being shortened. Can a student loan be reclassified as a private loan and given similar terms?
I am not asking for forgiveness from the loan, I am only asking to see if the terms I agreed to are guaranteed if the policy is handed to a new bank, or can that bank force me to pay a higher interest rate or otherwise modify the terms.
2 Answers
- Let me steer youLv 71 decade agoFavorite Answer
Sorry. You'll still have to repay the loans per the loan agreement(s).
The big bankers get a Federal handout of $700 billion, but us poor saps who owe the money get nothing at all.
Doesn't that make you sick?
- Mirriam MLv 51 decade ago
Protection for the borrowers? Wouldn't that be socialism, or even communism?
Don't you understand: you are one of the little people, and the wheel is coming crushing down on you and me.
Of course if you're a corporate exec, you deserve all the protection. Hell, they'll bail out your company and then you can go on a half million dollar casino junket with the other fat cats.