LendingClub Models Misfire as Loan Write-Offs Top ForecastsBy
Actual write-offs were higher-than-expected in some cases
Lender says loan performance `nothing out of the ordinary'
LendingClub Corp. won over debt investors with algorithms that quickly assess borrowers’ creditworthiness, making it easy for banks, hedge funds and others to snap up billions of dollars of consumer loans arranged through its online platform. Those algorithms still have some kinks.
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