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Author Topic: Lenders no longer bidding!  (Read 45427 times)

pioneer11

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Re: Lenders no longer bidding!
« Reply #30 on: December 16, 2010, 08:00:47 pm »
Prosper, the Farewell Tour.
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christoofar215

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Re: Lenders no longer bidding!
« Reply #31 on: December 16, 2010, 08:09:38 pm »
Quote from: pioneer11 on December 16, 2010, 08:00:47 pm
Prosper, the Farewell Tour.

But then there's always the Re-united Tour that comes 10 years later when all the actors ran out of money and need cash to pay their bills and keep up their coke habits.
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Loan_shark_74

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Re: Lenders no longer bidding!
« Reply #32 on: December 16, 2010, 08:48:10 pm »
I am changing the name for each prosper level to...

Prosper strike one
Prosper strike two
Prosper strike three
Prosper you're outta here...
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112233

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Re: Lenders no longer bidding!
« Reply #33 on: December 16, 2010, 09:52:28 pm »
No more bidding? That seems to be a dagger right to the heart of their vision.
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Xenon481

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Re: Lenders no longer bidding!
« Reply #34 on: December 16, 2010, 10:07:03 pm »
Quote from: 112233 on December 16, 2010, 09:52:28 pm
No more bidding? That seems to be a dagger right to the heart of their vision.

Nobody ever understood those daggers.
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Senator

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Re: Lenders no longer bidding!
« Reply #35 on: December 16, 2010, 10:21:12 pm »
All P4.0 loans will be filled by portfolio plans or not at all.
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Urbi_et_Orbi

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Re: Lenders no longer bidding!
« Reply #36 on: December 16, 2010, 11:55:29 pm »
I do think this change has the potential to dramatically improve originations.
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christoofar215

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Re: Lenders no longer bidding!
« Reply #37 on: December 17, 2010, 12:16:44 am »
Quote from: Urbi_et_Orbi on December 16, 2010, 11:55:29 pm
I do think this change has the potential to dramatically improve originations.

You mean they originate in 15 seconds or they're told to beat it?
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mothandrust

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Re: Lenders no longer bidding!
« Reply #38 on: December 17, 2010, 02:03:21 am »
Prosper was for biddin', but now it's forbidden.
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TotoMMB

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Re: Lenders no longer bidding!
« Reply #39 on: December 17, 2010, 02:03:57 am »
Quote from: Urbi_et_Orbi on December 16, 2010, 11:55:29 pm
I do think this change has the potential to dramatically improve originations.

Improve quality? Quantity? Speed?
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mothandrust

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Re: Lenders no longer bidding!
« Reply #40 on: December 17, 2010, 02:28:07 am »
Higher rates for lenders.   :o

Did Prosper just do something that would give lenders higher rates of return?!

Quote
To improve the experience for our customers, we will be eliminating the auction process on December 19th.

And does that mean lenders are customers now?!
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Chamatrain

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Re: Lenders no longer bidding!
« Reply #41 on: December 17, 2010, 07:44:20 am »
Quote from: mothandrust on December 17, 2010, 02:28:07 am
Higher rates for lenders.   :o

Did Prosper just do something that would give lenders higher rates of return?!


I didn't read where they are actually going to perform collection activity.  So why would a borrower be any more inclined to pay a note today?  No matter what the stated APR might be.
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ira01

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Re: Lenders no longer bidding!
« Reply #42 on: December 17, 2010, 07:53:15 am »
Quote from: Chamatrain on December 17, 2010, 07:44:20 am
Quote from: mothandrust on December 17, 2010, 02:28:07 am
Higher rates for lenders.   :o

Did Prosper just do something that would give lenders higher rates of return?!

I didn't read where they are actually going to perform collection activity.  So why would a borrower be any more inclined to pay a note today?  No matter what the stated APR might be.

I think the theory is that this will keep newbie (and overly optimistic) lenders from bidding down rates too far.  All else being equal, higher rates (with constant defaults) will result in higher returns for lenders.  Of course, the "constant defaults" part may well not be true, if the higher rates instead lead to a lower quality pool of borrowers who find it advantageous to use Prosper. 
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112233

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Re: Lenders no longer bidding!
« Reply #43 on: December 17, 2010, 08:29:11 am »
I guess you can go suck it now if you have any altruistic feelings towards a listing in the future
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Ray Kremer

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Re: Lenders no longer bidding!
« Reply #44 on: December 17, 2010, 08:34:53 am »
Quote from: onthefence on December 16, 2010, 07:46:18 pm
They are essentially throwing in the towel and making their model just like Lending Club's.
With one key difference, Lending Club still has that high "financial suitability" requirement for lenders, and Prosper all you need is some extra money sitting around.
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