There's been a lot of big-bank bashing over the housing bubble years, and rightly so. But this is something to think about. If you got a subprime mortgage and couldn't pay it back, what's the worst thing that would happen to you?
Now consider the results of borrowing money from the federal government for a student loan, and being unable to pay it back. Terrifying.
I've been reading up on the education bubble. How do you get blood from a turnip?
Update: The story has changed (link fixed). It's not surprising that there was a knee-jerk reaction all over the blogosphere and other media over this. I hope we get a follow-up, and I hope the guy gets a new door.
"A U.S. government official confirmed for News10 Wednesday morning federal agents with the Office of the Inspector General (OIG), not local S.W.A.T., served the search warrant. The official would not say specifically why the raid took place. He did say the search was not related to student loans in default.
He went on to say OIG is a semi-independent branch of the U.S. Department of Education that executes warrants for criminal offenses such as student aid fraud and embezzlement of federal aid."