When Elizabeth Warren goes up to bat against the leaders of the American financial sector, public or private, she always swings for the fences. This week, she cornered Chief Business Operations Officer for Federal Student Aid Student Loans William Leith. Leith was accused of rewarding the loan contractors that gave poor service to students.
Obviously ripping off students, loan servicers unlawfully charge students with ridiculously high interest rates and late fees.
“Let me get this straight: You break the law. You don’t follow the rules. You treat the borrowers badly,” Warren said to Leith. “And you all just renegotiated the contracts to make sure that across the portfolio [loan servicers] are going to make a little more money if nothing changes?”