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HollowOak
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« Reply #1 on: April 08, 2008, 04:15:13 AM » |
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Damn, you beat me to it.  |
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LoanChimp
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« Reply #2 on: April 08, 2008, 09:32:36 AM » |
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wow. I just opened a lendingclub account recently. I transferred my money back out because I couldn't find anything worth bidding on. Looks like Prosper might be next...  |
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BrassKnuckles
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« Reply #3 on: April 08, 2008, 09:49:31 AM » |
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they are leaping forward I think... setting up a future seller marketplace for their loans... that's what I see when reading between the lines
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Xenon481
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« Reply #4 on: April 08, 2008, 10:30:15 AM » |
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they are leaping forward I think... setting up a future seller marketplace for their loans... that's what I see when reading between the lines
No, they are saying that if they don't change how they work today they are afraid that the SEC is going to shut them down for unliscensed selling of securities. |
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Nora_Lenderbee
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« Reply #5 on: April 08, 2008, 11:38:58 AM » |
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Got my $50 bonus just in time.
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Mtnchick
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« Reply #6 on: April 08, 2008, 12:07:00 PM » |
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For those of us who never invested in LC (once bitten, twice shy) what are the similarities and differences that could 1. keep P-----r running or 2. put P-----r in the same position?
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"lol. Go no further than my myspace or facebook to see proof of my "lack" of real life friends." BFS/JZ/Whatever
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cowdog
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« Reply #7 on: April 08, 2008, 12:52:45 PM » |
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Prosper has the loan. We have notes. Those notes are probably classified as securities. If this is so, a P2P lender needs to be registered with the SEC or they would be guilty of selling unlicensed securities.
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Tokyo Joe
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« Reply #8 on: April 08, 2008, 01:33:42 PM » |
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Prosper has the loan. We have notes. Those notes are probably classified as securities. If this is so, a P2P lender needs to be registered with the SEC or they would be guilty of selling unlicensed securities.
Assuming they actually sold them to us... |
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onthefence
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« Reply #9 on: April 08, 2008, 07:32:46 PM » |
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ira01
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« Reply #10 on: April 08, 2008, 07:42:08 PM » |
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That would actually be pretty damn sweet for some lenders: For some buyers, a securities-law claim could provide a way to undo a purchase. "The rights of recovery are so much better if you can say it is a security," said Burton Wiand, a former SEC attorney who now practices at Fowler White Boggs Banker in Tampa, Fla.
If the transaction should have been registered, buyers can rescind the deal and get their money back, without having to prove fraud and misrepresentation, attorneys said. |
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Urbi_et_Orbi
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« Reply #11 on: April 08, 2008, 07:54:54 PM » |
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Historically, the SEC has suggested it wouldn't take enforcement actions against a condo-hotel developer as long as the company didn't provide prospective buyers with projections of income or expected occupancy, among other conditions.
(emphasis mine) Could the experian default projection and the portfolio guidance fall into this same category? Additionally, I participated in a lending seminar organized by Prosper where Karen and Shira stated that ROI=Interest rate minus experian's estimated default rates. |
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"Oh, you hate your job? Why didn't you say so? There's a support group for that. It's called Everybody and they meet at the bar." --Drew Carey
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Mtnchick
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« Reply #12 on: April 08, 2008, 07:57:55 PM » |
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Historically, the SEC has suggested it wouldn't take enforcement actions against a condo-hotel developer as long as the company didn't provide prospective buyers with projections of income or expected occupancy, among other conditions.
(emphasis mine) Could the experian default projection and the portfolio guidance fall into this same category? Additionally, I participated in a lending seminar organized by Prosper where Karen and Shira stated that ROI=Interest rate minus experian's estimated default rates. Wouldn't the ads alone be be providing prospective buyers with projections of income? |
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"lol. Go no further than my myspace or facebook to see proof of my "lack" of real life friends." BFS/JZ/Whatever
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Xenon481
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« Reply #13 on: April 09, 2008, 04:11:18 AM » |
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That would actually be pretty damn sweet for some lenders: For some buyers, a securities-law claim could provide a way to undo a purchase. "The rights of recovery are so much better if you can say it is a security," said Burton Wiand, a former SEC attorney who now practices at Fowler White Boggs Banker in Tampa, Fla.
If the transaction should have been registered, buyers can rescind the deal and get their money back, without having to prove fraud and misrepresentation, attorneys said. Turning my -14.5% ROI into a 0% ROI would be pretty sweet! |
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cowdog
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« Reply #14 on: April 09, 2008, 05:01:43 AM » |
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That would actually be pretty damn sweet for some lenders: For some buyers, a securities-law claim could provide a way to undo a purchase. "The rights of recovery are so much better if you can say it is a security," said Burton Wiand, a former SEC attorney who now practices at Fowler White Boggs Banker in Tampa, Fla.
If the transaction should have been registered, buyers can rescind the deal and get their money back, without having to prove fraud and misrepresentation, attorneys said. Turning my -14.5% ROI into a 0% ROI would be pretty sweet! I don't guess it matters much for small lenders, but for Pensioner ($800K), Muleshoes ($400K), and others it would be worth a lawsuit. In the end, they might pay less in attorney's fees than what they lost on Prosper. |
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