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News Breaks
July 2, 2014
16:08 EDTFMDFirst Marblehead appoints Alan Breitman as CFO
First Marblehead announced that Alan Breitman will be joining the company's leadership team as CFO, Chief Accounting Officer and managing director, effective August 4. Breitman will be joining the company from Corporate Fuel Advisors, a boutique investment bank based in New York, where he has served as a managing director since 2006.
News For FMD From The Last 14 Days
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September 29, 2015
19:46 EDTFMDNavient falls after government report criticizes student loan servicers
Shares of student loan stock Navient (NAVI) fell over 4% on Tuesday after the Consumer Financial Protection Bureau, or CFPB, released a report critical of student loan servicers, titled 'Student loan servicing: Analysis of public input and recommendations for reform.' WHAT'S NEW: The CFPB's 152-page report cited issues such as conflicting, incomplete, or inaccurate loan statements; missing or ignoring specific payoff instructions which would apply payments to higher interest loans; and servicing transfers resulting in processing problems, surprise fees, damaged credit, lost repayment benefits and loan records, among other issues. WHAT'S NOTABLE: CFPB Director Richard Cordray said in a statement, "With one out of four student loan borrowers struggling to repay their loans or already in default, cleaning up the servicing market is critical. Today's report underscores the need for market-wide student loan servicing reforms to halt harmful practices and boost assistance for distressed borrowers." PRICE ACTION: Shares of Navient dropped 53c, or 4.36%, to $11.63 in Tuesday's trading session. PEERS: Other student loan servicers include First Marblehead (FMD), which fell 3.4%, SLM Corporation (SLM), which declined 0.86%, and Nelnet (NNI), which was up fractionally.

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