Hello and welcome back to MarketWatch’s Extra Credit column, a weekly look at the news through the lens of debt.The debt that could cost people their homes Nearly 6.4 million households owe an estimated $21.3 billion in rent debt, putting them at risk of losing their homes when the national eviction moratorium expires on Saturday.
“Rent debt is one of the key equity issues of the pandemic,” she said. “It’s predominantly low-income renters, people of color, who were negatively impacted by the pandemic’s economic fallout — that’s who is behind on rent.” Student-debt forgiveness of all types Over the past few months colleges have been wiping out balances owed to them by students. This so-called “institutional debt” isn’t student-loan debt. The money is often bills students or former students owe to their schools over unpaid tuition, parking and library fees, and collectively, it’s an estimated $15 billion.
Warren and Schumer have based their calls for Biden to cancel debt in part on a legal memo written by attorneys at Harvard Law School’s Project on Predatory Student Lending, which says the Higher Education Act provides the Secretary of Education with the authority to cancel student debt. One of the attorneys who authored the memo is now working in the Biden administration.
Treasury Secretary Janet Yellen warned lawmakers that if they don’t act to raise the debt ceiling by Monday, the Treasury Department will begin taking “extraordinary measures” to prevent the U.S. from defaulting on its obligations. But Senate Minority Leader Mitch McConnell has said Republicans won’t vote to do it.
Though there may be reasons to worry about the growth in the nation’s borrowing, particularly as it relates to the costs of Social Security and Medicare, refusing to raise the “completely arbitrary” government borrowing limit doesn’t do anything to get at those issues, said Harry Holzer, a professor at Georgetown University’s McCourt School of Public Policy.
Michael Burry Warns Retail Traders About the 'Mother of All Crashes'
Make the deadbeats pay!
Cancel mortgage first lol
wow
I cant imagine homelessness getting worst in California.
all part of plan. welcome to The Great Reset of the NWO
If they are vaccinated they should have a job by now, any type of job. If not move in with family. If your family will not have you, you think the government will. Your family knows best about you.
Good. Get these deadbeats out of the property.
How does a country justify taking away people's ability to earn money. Then allow them to get into such rent arrears that they're going to become homeless and maybe also bankrupt? This is grotesque.
Congress went on summer vacation. They will look at it when they get back….
horrible
Michael Burry Warns Retail Traders About the 'Mother of All Crashes'
GoldmanSachs is getting ready for StockMarket crash by dumping their stocks to retail bagholders -