Palihapitiya, meanwhile, is no stranger to the SPAC world. In 2020, SPACs backed by Palihapitiya initiated mergers that took the likes of Clover Health and Opendoor public .
And while the SPAC ultimately entered into non-disclosure agreements with three companies, a meeting between SoFi CEO Anthony Noto and SCH's president and director Ian Osborne on Dec. 16 culminated in a non-binding letter of intent to bring the fintech public.
And while legislation in the wake of the Great Recession and housing crisis of the 2000s provided that lenders typically can't be held liable in court should qualified home loans go south, those same protections don't apply to non-qualified ones.
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