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[HollowOak]

This was in my mailbox this am.

Prosper Filing Registration Statement; Enters Quiet Period
     Dear [HollowOak],

Prosper has started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through our site in the future.

The registration filing is a necessary step toward making the secondary lending market available to the community. This is something many of you have been asking for, and we believe the liquidity of a secondary market will make Prosper even more vibrant.

Until we complete the registration process, we will not accept new lender registrations or allow new commitments from existing lenders. If you're an existing lender, your current lender agreements will be unaffected; your existing loans will continue to be serviced; you'll be able to track and monitor your loans; and you'll be able to withdraw funds from your Prosper account.

If you're a borrower with an existing loan, you will continue with your current borrower agreement and be unaffected by the registration process. If you're a borrower seeking a loan, you will still be able to create a new loan listing, which we will endeavor to fulfill through alternative sources.

A successful registration can take several months, but we assure you we will do our best to move forward as quickly as possible. Until this process is complete, we're required to be in a quiet period and will be unable to respond to press, blogger or other inquiries about Prosper or the registration filing until it becomes effective.

We apologize for any inconvenience this may cause, and want to thank you in advance for your understanding and support.

Sincerely,
Prosper

Comments will follow once I've chewed it over. Suffice to say that this wasn't good for LendingClub. And that Prosper has actually filed many, many moons ago with the SEC. I'll check out EDGAR to see what new filings were were filed with the SEC.

[Xenon481]

Ding Dong.

It pleases me to no end that Prosper is no longer able to hurt new lenders for the time being.

The following statement really scares me, though (emphasis mine):

and will be unable to respond to press, blogger or other inquiries about Prosper or the registration filing

How is PMI actually interpreting this statement?  Can I no longer ask them why the heck they refuse to refund my Amsher Overcharges?

[xraider]

How long was lendingclub's quiet period?  I wonder if this is for real, or just a way to slowly drift away?

I'll be very interested in seeing what you find, HO.

Fred, you haven't updated your charts in a while.  I wonder if this will make October through the end of the year look better?   

[Gogmagog]

Lets hope they do get the secondary market going.  If they aren't going to create new loan products(beyond 3-year term), they kind of need it.  

I for one am glad I just got a $3300 loan chunk on the last Ohana loan.  

But now I get a steady income for the next couple of months while they are tied up in filing.  I can buy stocks, or let it sit in my new 4.5% Checking account.  Woot!  

[bamalucky]

I hope they never re-open

[bamalucky]

OMG..I just thought of something wonderful

People like Researchpro & Mjerry will no longer be able to bastardize their ROI.This will force their loan age to get longer.

No new loans diluting the pool will make everyone who's a new lender cringe.

[onthefence]

Lendingclub having a 2ndary market has forced prosper to step up their game.

[bamalucky]

Lendingclub having a 2ndary market has forced prosper to step up their game.

All p2p is dead.

[bamalucky]

Won't this make the current loans go off at extremely high rates?(no bid down)

[cubbiesnextyr]

Lendingclub having a 2ndary market has forced prosper to step up their game.

Yay for competition!

[bamalucky]

Prosper isn't bidding on any of the loans..there's an AA & an A with a high rate with 0 bids.

[GLeaderAccountantsChoice]

 

Yay secondary markets!!!

Will we see the mass dumping of loans speculated by many here once the market opens?  This is going to get so much more interesting...  I also wonder if PMI will end up with restrictions on who can lend like LC?

[112233]

Lendingclub having a 2ndary market has forced prosper to step up their game.

.. which makes me wonder if prosper really has something or if this was a just a desperation move to grab some attention away from lendingclub

[fitznd]

I hope they never re-open

If Prosper never re-opens what will you do with your life???

[NewHorizon]

I hope they never re-open

If Prosper never re-opens what will you do with your life???

Contact delinquent borrowers.     The loans will still be out there for a good long while...