[__derek__]

BNPL is a new sub-prime issue, but it's not clear where a bubble enters the picture given that these loans are not securitized AFAIK. On the asset side, Affirm's valuation has already dropped 90% from ATHs, and Klarna is apparently raising at a similar fraction of its previous value.

(edit: demoting comment about flagging for an editorialized title to this addendum)

[tyrfing]

> these loans are not securitized AFAIK.

They are, but not in quantities to actually matter. Here's background on Affirm's ABSes, the last offering was pulled: https://www.bloomberg.com/news/articles/2022-03-11/-buy-now-...

A cool consequence of this is that you can find background info on what sort of loans they make: https://finsight.com/deal-51195-affirm-asset-securitization-...

[__derek__]

Thanks for the correction. It makes sense that they would be, but I hadn't looked into it before.

[davidw]

IIRC, you should use the 'flag' link for stuff that's really off topic, not just for a bad title.

[__derek__]

Both the FAQs[1] and Guidelines[2] suggest that it's appropriate to flag submissions that violate the Guidelines, and editorializing titles does so:

> Otherwise please use the original title, unless it is misleading or linkbait; don't editorialize.

[1]: https://news.ycombinator.com/newsfaq.html

[2]: https://news.ycombinator.com/newsguidelines.html