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[havastat]

 I doubt overall consumer debt patterns affect the situation. LendingClub had a large increase during the same period. The "p2p" market is still such a tiny fraction of a percent of the overall consumer debt market that its patterns have had very little to do with the overall market.

[havastat]

Hmmm...worth-blanket2 stopped funding for a bit.

Wondering if maybe the institutional folks did a pause until the Prosper Funding LLC entity starts up and maybe that's explaining this gap. If that's what's happening, I'd expect a surge in originations once the LLC entity gets going.

[Xenon481]

February 2013's originations per Prosper's Performance page: $9,008,608

This is the lowest month for originations since November of 2011.

Edit: And this is even with Worth-blanket2 being in the game for the entire month.

[Mtnchick]

February 2013's originations per Prosper's Performance page: $9,008,608

This is the lowest month for originations since November of 2011.

Edit: And this is even with Worth-blanket2 being in the game for the entire month.

Short month though.

They are going to have to sweet talk Worth Blanket's investors a little more.

[Xenon481]

February 2013's originations per Prosper's Performance page: $9,008,608

This is the lowest month for originations since November of 2011.

Edit: And this is even with Worth-blanket2 being in the game for the entire month.

Short month though.

They are going to have to sweet talk Worth Blanket's investors a little more.

December 2012 Business Days: 20    Average Daily Origination Rate: ~$480k/day
January 2013 Business Days: 21    Average Daily Origination Rate: ~$468k/day
February 2013 Business Days: 19    Average Daily Origination Rate: ~$474k/day

Even being a short month, the average daily origination rate was about the same.

[TotoMMB]

February 2013's originations per Prosper's Performance page: $9,008,608

This is the lowest month for originations since November of 2011.

Edit: And this is even with Worth-blanket2 being in the game for the entire month.

Short month though.

They are going to have to sweet talk Worth Blanket's investors a little more.

December 2012 Business Days: 20    Average Daily Origination Rate: ~$480k/day
January 2013 Business Days: 21    Average Daily Origination Rate: ~$468k/day
February 2013 Business Days: 19    Average Daily Origination Rate: ~$474k/day

Even being a short month, the average daily origination rate was about the same.

Feb had 20 business days. Which works out to $450k/day.

[Xenon481]

February 2013's originations per Prosper's Performance page: $9,008,608

This is the lowest month for originations since November of 2011.

Edit: And this is even with Worth-blanket2 being in the game for the entire month.

Short month though.

They are going to have to sweet talk Worth Blanket's investors a little more.

December 2012 Business Days: 20    Average Daily Origination Rate: ~$480k/day
January 2013 Business Days: 21    Average Daily Origination Rate: ~$468k/day
February 2013 Business Days: 19    Average Daily Origination Rate: ~$474k/day

Even being a short month, the average daily origination rate was about the same.

Feb had 20 business days. Which works out to $450k/day.

One of those 20 was a federal holiday, so only 19 business days.

[havastat]

LendingCLub is now an order of magnitude ahead of Prosper -- Prosper's share has fallen precipitously from above 20% to less than 10%.

The judge's failure to throw out the class action may well have had an influence. Even if Prosper ultimately wins, and there's no guarantee, lawyers' fees for a complex trial are quite steep, and Prosper has run out of insurance money to help cover them.

[ira01]

The judge's failure to throw out the class action may well have had an influence.

No one but the most die-hard Prosper Kool-Aid drinkers should have had any expectation that the judge would throw out the class action.  It really wasn't a close question.

[havastat]

The judge's failure to throw out the class action may well have had an influence.

No one but the most die-hard Prosper Kool-Aid drinkers should have had any expectation that the judge would throw out the class action.  It really wasn't a close question.

Hi Ira, I'm not thinking here about the legal merits, I'm tryng to explain things from an ordinary Prosper investor point of view. I think it's quite plausible there would be investors who wouldn't pay much attention to the lawsuit running as a footnote in the background, then suddenly notice when there's news that the plaintiffs won a round. I don't think most ordinary people are in a position to have a thought-out view of the legal merits. And I don't think its' so uncommon for companies defending suits to spin things to their investors in such a way as to create an impression that such suits are nothing more than nuisances that can be disposed of relatively easily.

Prosper's finances might also have something to do with it. And so might the publicity about Prosper Funding LLC. After all, the very fact that it created a vehicle to address a potential bankruptcy suggests that it regards such a potential as real.

[ira01]

The judge's failure to throw out the class action may well have had an influence.

No one but the most die-hard Prosper Kool-Aid drinkers should have had any expectation that the judge would throw out the class action.  It really wasn't a close question.

Hi Ira, I'm not thinking here about the legal merits, I'm tryng to explain things from an ordinary Prosper investor point of view. I think it's quite plausible there would be investors who wouldn't pay much attention to the lawsuit running as a footnote in the background, then suddenly notice when there's news that the plaintiffs won a round. I don't think most ordinary people are in a position to have a thought-out view of the legal merits. And I don't think its' so uncommon for companies defending suits to spin things to their investors in such a way as to create an impression that such suits are nothing more than nuisances that can be disposed of relatively easily.

Prosper's finances might also have something to do with it. And so might the publicity about Prosper Funding LLC. After all, the very fact that it created a vehicle to address a potential bankruptcy suggests that it regards such a potential as real.

I agree with all that.  Also, I think that the massive changes in Prosper's management/Board may have been disconcerting to investors also.  Gives the appearance of rats fleeing a sinking ship.  

[TJGbank]

...and Prosper has run out of insurance money to help cover them.

How much money was this?

[ira01]

...and Prosper has run out of insurance money to help cover them.

How much money was this?

$1M, I think -- or maybe $2M.  Whatever it was, it ran out long ago. 

[xraider]

Not only that, but if I were investing now, I'd be a little nervous over the emails Prosper is sending about how it's reorganized and set up a new and different company so lenders' money is safe.

[God-Father]

I haven't browsed listings in awhile, but I remember there were always 100s of listing awaiting funding.  There are only 60 right now.  Has the country run out of deadbeats (strangers you lend money to on the internet)?

It did occur to me that maybe there are so many lenders, that the loans are just getting sucked up at an incredible rate, but I don;t thinks so.  Many of the 60 were created more than a week ago.