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Obama's rhetoric was understandable. His plan is to do away with a system in which the Federal Government subsidizes banks and other private finance companies like Sallie Mae to lend money to students. The Administration essentially wants to cut such companies out of the game and run the system itself. Democrats claim the move will save $87 billion over 10 years, which can be used for a laundry list of education priorities, including increasing the maximum amount of Pell Grants, expanding Perkins Loans and investing in community colleges and other programs. (See pictures of a diverse group of American...
...votes to prevent the threat of a filibuster. And those in the loan industry certainly aren't giving up. "Ultimately, what they are trying to create here is the Post Office of student lending - you've got no choice," says Jack Remondi, vice chairman and CFO of Sallie Mae, the nation's largest lender, referring to Obama's Aug. 11 comments that questioned the efficiency of American letter carriers. "And this is the President's initiative on health care: if you create competition, that should drive down costs and save people money...
...direct-loan. Members of Congress who represent states that employ a large portion of the industry workforce, like moderate Democratic Senator Ben Nelson of Nebraska, have opposed the measure for that reason. But the Department of Education (which would run the new and expanded program) maintains that because Sallie Mae and several other companies would be kept on as contractors to "service" the loans - performing administrative tasks such as answering student inquiries and collecting payments - the total amount of jobs lost will actually be much less. It doesn't hurt the Administration's case that over a year ago, when...
...preoccupations, then in the past two years scores of people have developed an interest in gourmet sex (lovemaking that is particularly passionate and enjoyable), the mankini (a man's swimming costume consisting of a narrow V-shaped piece of material extending from the crotch to the shoulders) and Fannie Mae (the informal name for the Federal National Mortgage Association that buys and sells mortgage debt...
Plus, Baker plans to stay put for a while. That also influences the math on how financially savvy it is to buy. The government mortgage agency Ginnie Mae has a rent-vs.-buy calculator on its website - using the default settings, buying starts to make sense after committing to stay for at least four years, although a lot of assumptions go into that calculation: everything from the property-tax rate to mortgage closing costs to the money spent on homeowner's insurance to the yearly home-price appreciation. If prices stay flat instead of going up 2% a year...