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  • A recent New York Times article, “As Paperwork Goes Missing, Private Student Loan Debt May be Wiped Away”, reported on National Collegiate, one of the largest owners of private debt, which lost potentially $5 billion in student loans due to missing paperwork. While the students may be relieved, the lenders are certainly distressed because document scanning and indexing could have prevented their losses. The article noted that tens of thousands of people who took out private loans to pay for college — but have overdue payments — may get their debts wiped out. Judges around the country have dismissed dozens of delinquent borrower lawsuits because the loan holders can’t produce the paperwork to prove the person owns the debt. Recent cases in New Hampshire, Ohio and Texas have tossed out lawsuits by National Collegiate, ruling that it could not prove that the person named in the lawsuit owned the debt on which it was trying to collect. (more…)

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