California ruling a boon for SLABS, MPL ABS
A recent ruling in California in which the court rejected the argument that a bank that made loans on behalf of Sallie Mae was not the “true lender” is a boon for marketplace loan and student loan ABS made under partner-bank origination models.
In the case of Jamie Beechum et al v. Navient Solutions, Inc. the US District Court for the Central District of Californiaruled that Stillwater National Bank, which originated student loans on behalf of Sallie Mae, could collect on the debt even though interest rates exceed state usury caps.
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