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Sunday, January 26, 2014

Federal agency investigates ITT and Corinthian

The newly created Consumer Financial Protection Bureau is investigating ITT Educational Services and Corinthian Colleges -- two of the nation's largest for-profit education companies.
As reported in the Chronicle of Higher Education, the agency has informed ITT and Corinthian regarding its investigations, although the precise nature of the inquiries has not become public.  A senior analyst for Wells Fargo Securities, according to the Chronicle, has written that ITT is most likely being investigated after disclosing that it expected more than 50 percent of its student borrowers to default on their private loans.

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