After issuing sweeping judgements on mortgage lending, mortgage servicers and appraisals, the Consumer Financial Protection Bureau (CFPB) has set its sights on another controversial aspect of the homebuying and selling process: the highly lucrative private student loans industry.
According to reports, the CFPB has begun collecting information on how student loans affect consumer access to mortgages and other loans, among other aspects of student loan debt.
“We will be analyzing plans for policymakers to consider that might help avoid a repeat of the mortgage meltdown for today’s student loan borrowers,” said CFPB Director Richard Cordray.
It’s been some time since we last reported on student loan debt, but the issue remains important as ever for the U.S. housing market, particularly as more and more Americans debate whether or not to purchase their first residence – a decision that could very well come down to the consumer’s previous debt obligations. And as our infographic below demonstrates, student loan debt is a unique concern for many consumers.