Comments on: Prosper is Quiet Again http://www.p2plendingnews.com/2009/05/prosper-shutdown-quiet-again/ Staying on top of the person to person lending revolution Sun, 02 May 2010 02:24:09 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Mastjmw http://www.p2plendingnews.com/2009/05/prosper-shutdown-quiet-again/comment-page-1/#comment-164 Mastjmw Tue, 12 May 2009 20:59:41 +0000 http://www.p2plendingnews.com/?p=206#comment-164 Let me first say I think that P2P lending is the future of banking and I am a big fan of the concept. but here is the big old hairy BUT, After reviewing the SEC cease and desist order, http://www.sec.gov/litigation/admin/2008/33-8984.pdf , it is understandable as to why Proper.com has been shutdown. Lenders are entirely without recourse if thier loan portfolio's go south, lender don't know who they are lending to, or if Proper.com ceases to exsist. These barriers are not insurmountable but must be addressed for P2P lending to become a legit enterprise. I think that a solution would be to have the loan servicers seperated from the marketplace. Just a thought. Let me first say I think that P2P lending is the future of banking and I am a big fan of the concept. but here is the big old hairy BUT,

After reviewing the SEC cease and desist order, http://www.sec.gov/litigation/admin/2008/33-8984.pdf , it is understandable as to why Proper.com has been shutdown. Lenders are entirely without recourse if thier loan portfolio’s go south, lender don’t know who they are lending to, or if Proper.com ceases to exsist. These barriers are not insurmountable but must be addressed for P2P lending to become a legit enterprise.

I think that a solution would be to have the loan servicers seperated from the marketplace.

Just a thought.

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