The National Credit Union Administration (NCUA) denied an appeal of a Freedom of Information Act (FOIA) request denial for information related to the sale of taxi medallion loans by the agency.
On March 13, a FOIA request was filed seeking a copy of the sale agreement and any supporting documents related to the February 19, 2020 taxi medallion loan sale to Marblegate Asset Management LLC (Marblegate).
On April 14, NCUA denied the FOIA request. NCUA stated that the documents were withheld from public release under one or more of the FOIA exemptions at 5 U.S.C. § 552(b)(4), (5), and (8). In addition, the agency wrote "the requested documents are not agency records subject to the Freedom of Information Act."
On April 16, this denial was appealed. On May 14, NCUA denied the appeal.
This story first appeared at WashingtonCUDaily.com.
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I find this really heartbreaking. If the liquidating agent was willing to part with the loans below face value then why wasn't I given the opportunity to try and find a lender willing to work with me individually and revalue the principal on my loan based on that new "market" value? Instead of providing relief to the ones in need, a hedge fund gets to minimize their losses by locking in their basis at the absolute bottom while subjecting the debtor to exorbitant fees. They want $4,000 to refinance a loan when it used to cost about $300 with the credit union. It was predatory lending combined with my own stupidity that enabled me to get into this mess (how does an unemployed individual get a loan for 1.9 million?). Now it's predatory lending to ensure that I _never_ dig myself out. Thanks a lot!
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