Thursday, February 12, 2009

My Rich Uncle is Broke

In 2006 My Rich Uncle, which provided educational loans for college students, was promising student loans at below market rates.(See MSNBC). The company filed Chapter 7 and ceased operations on February 9. New government limits on student loan rates and the credit crisis has restricted student lending. (See FastCompany) The markets for all securitized loans, such as packages of student loans, has been particularly hard hit.

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