The recent PeerIQ weekly newsletter discusses the departure of Mike Cagney from SoFi, the Goldman & Mosaic deal and provides an analysis of recent SoFi (SCLP 2017-5) and Lending Club (CLUB 2017-P1) securitizations. Source
The worst week in SoFi‘s history is coming to an end. The company announced today that Mike Cagney has stepped down as CEO effective immediately. This follows the news on Monday that Cagney would be stepping down as CEO by the end of the year. But the bad news this week kept escalating and the board decided it needed to take action now. Source.
SoFi has published a blog post in response to a New York Times article about recent news at the company; discusses what SoFi calls vague claims as it relates to their mortgage and personal loans business; provides updates on what the company is doing related to corporate culture and Mike Cagney’s departure. Source
It has been a bad few weeks for SoFi. Back in August there was the news of a sexual harassment...
Two cases involving sexual harassment charges have been filed against SoFi; CEO Mike Cagney wrote an open letter regarding the cases, stressing that he is taking the complaints seriously; Cagney and SoFi's legal team are in the process of investigating and responding to the filings. Source
Arthur Levitt, former Chairman of the Securities and Exchange Commission, says the recent scandal at SoFi has cost them approval of their special bank charter; he tells the FT, “So for a company as aggressive as SoFi, I think the chances of that happening were slim. Now they become almost impossible.” Source
The worst week in SoFi‘s history is coming to an end. The company announced today that Mike Cagney has stepped...
There has been a lot of news coming out about SoFi recently; first came the departures of several senior executives; then news of a sexual harassment lawsuit came in August; now CEO Mike Cagney is stepping down as CEO from the company by the end of the year, having already stepped down as Chairman; in a letter sent to employees Cagney wrote, “The combination of HR-related litigation and negative press have become a distraction from the company’s core mission. I want SoFi to focus on helping members, hiring the best people, and growing our company in a way consistent with our values. That can’t happen as well as it should if people are focused on me, which isn’t fair to our members, investors, or you.” Source
The securitization portfolio will include private consumer loans from the SoFi platform; associated parties on the deal include PwC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Mizuho Securities USA LLC; according to Finsight, the securitization is SoFi's ninth this year with the last being a $500 million transaction that took place in June. Source
Rating agency DBRS has reviewed 12 US SoFi securitization transactions encompassing 36 different classes; the rating agency has upgraded 12 classes and confirmed 24; according to the agency, the confirmed classes are performing within expectations and the credit enhancement levels for the upgraded classes are sufficient to cover their new requirements. Source