They are peppering the nation with lawsuits to collect student loan debt
purchased from various banks.
Their student loans are more than 8 years old, and, like the rest of us, ain’t getting any younger.
According to the story on the
Bloomberg News site, there are a bunch of these trusts:
The National Collegiate Student Loan Trusts are investment vehicles created by a Boston company called First Marblehead that concentrates on education lending. From 1996 through 2007, First Marblehead bought student loans from lenders including Bank of America, JPMorgan, and a bank now owned by Citizens Bank. It transferred batches of loans to trusts it created—more than two dozen in all.
Robo-signing is a term created to describe how hundreds of mortgage assignments per day were done by just one person.
Obviously, they were just signing, and not reading what their signatures said they were reading.
Hey, if it worked for mortgages, why not for student loans?
I have seen these student loan complaints cropping up in Michigan.
When you sue someone, you have to prove your case.
So, if your lawsuit says the defendant owes you money for a student loan, you have to prove it.
Now, National Collegiate Trust (NCT) never lent anyone money for student loans.
People first find out about them when they get the lawsuit.
DO NOT THINK THAT JUST BECAUSE YOU SIGNED, OR CO-SIGNED, A STUDENT LOAN, THAT THERE IS NO DEFENSE.
This is not a trick.
How do you know NCT bought your loan? What if you get sued next year by some other company you never heard of, for the same student loan debt?
Amazingly, the NCT suits I have seen in Michigan state:
“3. Upon information and belief, Defendant(s) has possession of the contract upon which this claim is based.”
Huh? So, I sue you, for breaching a contract, and I say I think YOU have a copy of the contract?
That contract should be attached to the complaint.
And the assignment NCT claims, in the same complaint, that it has, well, that should be attached too.
This entire complaint was robo-signed. There is no backup for any of the allegations in it.
I have filed answers on three complaints, which are all the same, and will keep you all updated as things develop.