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SoFi's Loan Losses Pile Up As Even Wealthy Borrowers Default

4/5/2017

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By Matt Scully - Bloomburg
Social Finance Inc.’s online borrowers are defaulting at higher rates than underwriters for one of its bond deals had expected, the latest sign that an industry that hoped to upend banking is now getting tripped up by bad loans.
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Losses on the company’s personal loans were high enough to breach key levels known as “triggers” last month on a bond deal issued in 2015 and backed by the loans, according to analysts at Morgan Stanley. If defaults keep rising, investors in bonds could end up missing out on expected interest payments.
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  • Home
  • Where Do I Start?
  • Know Your Loans
  • Defense To Repayment
    • Denials - Defense To Repayment
  • Private Schools
    • Argosy University
    • Art Institutes
    • Brown Mackie College
    • Corinthian Colleges Inc.
    • DeVry University
    • ITT Technical Institute
    • South University
    • University of Phoenix
    • Westwood College
  • Lenders
    • ACS
    • AES
    • Firstmark
    • Great Lakes
    • Navient/Sallie Mae
    • Nelnet
    • University Accounting Services, LLC
    • Wells Fargo
  • For-Profit Companies
    • Alta Colleges Inc.
    • Apollo Education Group
    • Bridgepoint Education
    • Career Education Corporation
    • Corinthian Colleges, Inc.
    • DeVry Education Group
    • Dream Center
    • EDMC
    • ITT Educational Services, Inc.
  • News Feed
  • Contact/Help
  • Donate