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Unlike a bonding surety, the Subguard insurance company has no primary contractual obligation to step in and complete a defaulting subcontractor's work.
The City Attorney's Office has missed a key deadline for answering a lawsuit by the children of a bank robber killed during the North Hollywood shootout, setting up the possibility of the city defaulting in the case.
What's at stake is nothing less than the government's credibility to run a program that has a direct, tangible social benefit--making college available to more people by saving money on loans, and enabling borrowers to do useful but low-paying work without fear of defaulting.