Lending Club probe a big warning to ABS investors (Premium)

Monday, Lending Club Corp announced that it had parted ways with several top managers as well as founder and CEO Renaud Laplanche. According to published reports, the company is engaged in an internal probe over the sale of certain loans to an investor on terms that were not in compliance with the investor’s parameters. When we covered questionable Asset-backed Securities (ABS) portfolios two weeks ago, we thought that the issue was still some ways out. It turned out to be right around the corner.
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