Obama consolidating loans
Many lenders took advantage of gaps in the consumer protection system by selling mortgages and other products that were overly complicated.
This left many Americans with loans that they did not fully understand and could not afford.
Beginning in 2007, the United States faced the most severe financial crisis since the Great Depression.
Millions of Americans saw their home values drop, their savings shrink, their jobs eliminated, and their small businesses lose financing.
They may be unhappy to find, however, that the consolidated loan will forever float on a variable interest rate tethered to the market’s conditions.