$SoFi Technologies Inc.(SOFI)$
Problem here is that they are depending on an ever-increasing portfolio of "loans for sale" to drive revenue growth. As economy slips into recession they'll likely have to take huge writeoffs for bad loans that are still on their books - say 10-20% of that line item are garbage, that's $2-$4B writeoff.
This movie plays out every economic cycle for new lenders...SOFI is just one of the latest batches. Few get through unscathed and end up blaming problems on "bad credit models" and once in a lifetime events.
Notice that the book value is declining?
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