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.Show more

"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.