Posts Tagged ‘Subprime’
Apr 25 2008
Congress passes student lending bill
Posted by admin
Source: CNBC.com
The House voted on 4/18/08 in favor of an college lending bill 383-27 after tensions mounting that the tightening credit markets, triggered from the subprime mortgage crisis, could limit financial aid for students.
Statistic: 13 percent of companies in the lending market have recently stopped making loans under the federal student loan program.
The legislation gives the Education Department the ability to buy loans from student lenders which in turn helps lenders have more cash available for lending.