Maxine Waters questions bank executives about student loan crisis

In 2010 then-President Barack Obama signed a bill that ended a longtime program under which private-sector entities such as banks had provided government-guaranteed student loans to young college students in exchange for federal subsidies. By doing so, Obama essentially nationalized student loans.

"By cutting out the middleman, we’ll save the American taxpayers $68 billion in the coming years," Obama proudly announced at the time. "That’s real money."

Though every media outlet covered the then-president's paradigm-changing move, for some reason House Financial Services Committee chair Maxine Waters just learned about it Wednesday.