SoFi’s loan losses pile up as even wealthy borrowers default

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The debate about indebtedness has focused on students and graduates who have borrowed tens of thousands of dollars and are struggling to keep up with their payments. Nearly one in every six borrowers.

A big borrower, with $70 billion of outstanding debt, aswell as large unfunded pension promises, Puerto Rico this weeksaw some of its tax-free interest rates skyrocket to over 10percent and was forced to dramatically scale back its planned2013 issuance of an estimated $3 billion or more.

The three-year default rate for all federal student loan borrowers is 11.8%, compared with 2.98% for SoFi borrowers, according to DRBS. More than half of SoFi’s borrowers earn at least $100,000.

SoFi’s Loan Losses Pile Up as Even wealthy borrowers default. SoFi’s Loan Losses Pile Up as Even Wealthy borrowers default. bloomberg the Company & Its Products The Quint. Bloomberg. Bloomberg | Quint is a multiplatform, Indian business and financial news company. We combine Bloomberg’s global.

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SoFi s Loan Losses Pile Up as Even Wealthy Borrowers . For SoFi the loans backing these bonds averaged more than $35 000 according to Kroll Bond Rating Agency mature in as long as seven years and don t have any collateral meaning defaults can

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For SoFi, the loans backing these bonds averaged more than $35,000, according to Kroll Bond Rating Agency, mature in as long as seven years, and don’t have any collateral, meaning defaults can result in relatively high losses for lenders. The borrowers had annual salaries averaging around $130,000, and most were prime credits.

SoFi’s Loan Losses Pile Up as Even wealthy borrowers default (bloomberg), Rated: AAA. 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.