tag:blogger.com,1999:blog-25952227994247836472024-03-14T02:09:54.327-05:00Money WalksI blog randomly, either about events I find significant, or interesting, or my experiences as a participant in the fledgling P2P markets where I am a lender at <a href="http://prosper.com/">Prosper.com</a>, <a href="http://LendingClub.com/">LendingClub</a>, <a href="http://zopa.com/">Zopa</a>, and <a href="http://Fynanz.com/">Fynanz</a>, amongst others.Unknownnoreply@blogger.comBlogger118125tag:blogger.com,1999:blog-2595222799424783647.post-20106688235408029662012-05-06T07:30:00.000-05:002012-05-06T07:30:02.390-05:00Prosper's delinquent debt situationOn May 2nd, Doug Fuller provided a <a href="http://blog.prosper.com/2008/05/02/debt-sale-update/">Debt Sale Update</a> to lenders, explaining why Prosper delayed their scheduled debt sale. In a nutshell, Prosper believes that, although it has received a record number of bids, the offer price was too low. When asked, Doug suggested that the offer price was ⅓ of the previously offered price.<br /><br />Prosper lists the results of past debt sales on their <a href="http://www.prosper.com/help/topics/lender-default_sale_history.aspx">website</a>. Now personally, I find that table a little bit confusing. So I used Excel to try and rearrange the data a little bit to see if I could get some clarity:<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" target="_blank" href="http://bp1.blogger.com/_AfQRn4QO7Ds/SB_FQ_cBWFI/AAAAAAAAANk/8yaiDpCsCtI/s1600-h/Prosper+debt+overhang+2008-05-05.JPG"><img style="cursor: pointer;" src="http://bp1.blogger.com/_AfQRn4QO7Ds/SB_FQ_cBWFI/AAAAAAAAANk/8yaiDpCsCtI/s400/Prosper+debt+overhang+2008-05-05.JPG" alt="" id="BLOGGER_PHOTO_ID_5197089390706382930" border="0" /></a><br /><br />Hopefully the Dec '06, May '07, Aug '07 and Dec '07 columns are self-explanatory. They are from the Prosper table referenced above. The Current Offer column is extrapolating ⅓ of the previously (Dec '07) offered rates. I then used the Prosper Performance page to get the amounts outstanding in each category that previously had bids.<br /><br />The amounts are overly optimistic. I found no way to separate out the debt to Texas borrowers that is worth a lot less than any other debt, nor to identify the number of loans in bankruptcy status. For bankrupt loans, lenders will receive absolutely zero, since Prosper cannot sell them and I suspect in most cases Prosper will not recover any funds from bankruptcy proceedings either. Even if the borrower filed bankruptcy too soon after taking out the loan and the loan may thus be exempted from the bankruptcy, Prosper has to file paperwork and it is not in any agreement that I have seen that Prosper will represent lenders at the bankruptcy proceedings - nor has Prosper volunteered that they do.<br /><br />Leaving this aside, the potential amounts that Prosper can recover money on from the bad debt sale is thus listed in the Amount column.<br /><br />Next up is the Estimated Recovery column - this is simply the putative offer price multiplied by the outstanding amount. The Max Recovery column reflects the recovery if Prosper gets very, very lucky and debt buyers again offer the same for the debt that they offered in Dec '07. Note however, that in all the preceding sales, the amount offered showed a decline from the previous sale event.<br /><br />At best, lenders stand to recover between 10.5% and 3.5% of the currently delinquent $6.6 million.Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-2595222799424783647.post-91193294867464371872008-08-29T18:50:00.002-05:002008-08-29T18:55:12.368-05:00Couldn't Help MyselfOld-timer Prosper.com members may remember John Witchel (former CTO) blogging briefly (or is that briefly blogging?) at prospers.org. The melt-down started when he used an analogy of couches ina bus station. Things never were the same after that.<br /><br />Today I saw this image and I immediately thought of John's analogy.<br /><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://blog.statcounter.com/wp-content/plugins/istock_000002519908medium3-200x300.jpg"><img style="cursor: pointer; " src="http://blog.statcounter.com/wp-content/plugins/istock_000002519908medium3-200x300.jpg" alt="" border="0" /></a>Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-2595222799424783647.post-79201198609954514032008-08-29T14:15:00.003-05:002008-08-29T14:21:15.268-05:00The Arrow And The Song<span style="font-style: italic;" class="quote"><br />I shot an arrow into the air,<br />It fell to earth,<br />I knew not where;<br />For so swiftly it flew, the sight<br />Could not follow it in its flight.<br /><br />I breathed a song into the air,<br />It fell to earth,<br />I knew not where;<br />For, who has sight so keen and strong<br />That it can follow the flight of song?<br /><br />Long, long afterward, in an oak<br />I found the arrow, still unbroken;<br />And the song, from beginning to end,<br />I found again in the heart of a friend.</span><br /><br /><br /> - <span style="font-size:65%;">Henry Wadsworth Longfellow</span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-40295635850620362632008-08-26T18:20:00.002-05:002008-08-26T18:24:57.472-05:00Philosophic<span style="font-style: italic;">"When every page has been read and the book put down, is the story over?"</span><br /> <span style="font-size:85%;"> -Larry Niven</span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-47888942440578437722008-05-06T11:25:00.011-05:002008-12-09T04:36:22.366-06:00Blog status<img src="http://1.bp.blogspot.com/_AfQRn4QO7Ds/SCOP0L8bBiI/AAAAAAAAAOU/LkRZKdBW6KY/s1600/closed.GIF" border="0" alt=""id="BLOGGER_PHOTO_ID_5198156521637873186" /><br /><br /><div style="text-align: center;"><span style="font-size:130%;"><span style="font-weight: bold; color: #000000;">For a period of introspection. </span></span><br /></div><br />I apologize for the interruption of regular programming and the removal of numerous posts. I have to ask myself if those posts were achieving what I intended them to achieve.<br /><br /><img style="border: 0px" src="http://3.bp.blogspot.com/_AfQRn4QO7Ds/SCE7FvcBWGI/AAAAAAAAANs/afyrZowXiHM/s1600/poof.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5197500414781642850" />Unknownnoreply@blogger.com8tag:blogger.com,1999:blog-2595222799424783647.post-32196725399247468812008-05-03T16:34:00.004-05:002008-12-09T04:36:22.622-06:00A good idea over at Fynanz?<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_AfQRn4QO7Ds/SBzbBfcBWEI/AAAAAAAAANQ/9pC1TFyYVGc/s1600-h/Fynanz+-+bidding+screen.JPG"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer;" src="http://1.bp.blogspot.com/_AfQRn4QO7Ds/SBzbBfcBWEI/AAAAAAAAANQ/9pC1TFyYVGc/s400/Fynanz+-+bidding+screen.JPG" alt="" id="BLOGGER_PHOTO_ID_5196268888744089666" border="0" /></a><br />I got a little excitement when reviewing the status of one of my bids over at <a href="https://www.fynanz.com/">Fynanz</a>. I was looking at the screen with bids and noted that while the rates for most bidders were hidden, the rate for the Fynanz bids were shown. This is the gem of a great idea.<br /><br />Since Fynanz has the concept of a co-signer, there is the possibility of a slightly nefarious trick that some Group Leaders practiced over at Prosper. The practice is called <span style="font-style: italic;">pump-and-dump</span>, and refers to someone with a vested interest in seeing the loan fund, bidding enough money to fully fund the loan (or sometimes just enough to get it started), but at a very high rate. Other lenders than see a fully funded loan and feel more comfortable bidding on such a loan. Soon the original bidder is bid off and other lenders are left holding the loan.<br /><br />What Fynanz can do is to reveal the rate that cosigners (and of course Fynanz) bid at, so that lenders can form an opinion on whether the lender sees merit in the loan and has a commitment to staying on the loan even if the rate drops.<br /><br />I must add that I'm quite enamored of Fynanz. I think the ability to lend to students (and the additional loan scrutiny that Fynanz applies to such loans) are going to make for great loans. I'm eagerly awaiting the onset of a summer rush when students are applying for loans for the Fall semester. Perhaps even a mini-rush to apply for loans to fund Summer classes? That should happen soonish if it is to happen at all.<br /><br />However, my biggest hurdle to lending at Fynanz is the incredibly long loan terms. Fynanz loans have 5-, 10-, and 20-year terms. I can see my way open to make 5-year loans (which also implies that students have to be near final graduation), but I cannot quite see myself locking funds up in an illiquid 10- or 20-year instrument.<br /><br />If ever there was a P2P institution that needed a secondary trading market, it is Fynanz. Unfortunately, from what I see from Prosper and LendingClub, a secondary market would entail SEC involvement and that is probably unaffordable for s small operation such as Fynanz.<br /><br />I sincerely hope they find a way to crack this nut.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-47805469262047588482008-05-02T11:54:00.003-05:002008-05-02T11:58:27.046-05:00SpoofIn this spoof ad from Lenovo, the <a href="http://www.apple.com/macbookair/#ad">Macbook Air</a> gets its comeuppance. I should have posted this a week or so ago when I first came across it, but I forgot. Have fun!<br /><br /><object width="425" height="355"><param name="movie" value="http://www.youtube.com/v/_hnOCUkbix0&hl=en"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/_hnOCUkbix0&hl=en" type="application/x-shockwave-flash" wmode="transparent" width="425" height="355"></embed></object>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-55180548170971694612008-05-02T11:35:00.002-05:002008-05-02T11:38:03.894-05:00What goes around, comes aroundRemember the old adage? Remember Lifelock? The company whose CEO spread his social security number far and wide on the Internet and in radio and TV adverts to prove how efficient his company's identity theft protection is?<br /><br />Well, read more about him at <a href="http://techdirt.com/articles/20080430/232001994.shtml">TechDirt</a>.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-9326328004477405652008-05-02T10:37:00.002-05:002008-05-02T10:48:30.601-05:00Lendingclub replied!Last night (or actuallt very early this morning) I <a href="http://prosperhollowoak.blogspot.com/2008/05/subliminal-message-from-lendingclub.html">blogged about the bureaucratic delays</a> at getting a question regarding the <a href="http://prosperhollowoak.blogspot.com/2008/04/lendingclub-have-you-seen-your.html">whereabouts of my promissory notes</a> answered at <a href="http://www.lendingclub.com/home.action">LendingClub</a>.<br /><br />"<span style="color: rgb(51, 51, 255);">Anonymous</span>" posted the following comment:<br /><blockquote style="font-style: italic;">I've requested that someone higher up than support contact you ASAP. This will also help me figure out where their loyalties lie with me as well. Let me know if you hear from him/her today (via post of new entry on blog of course).<br /><br />-F<br /></blockquote>Dear -F, I'm delighted to tell you that at about 8 AM this morning, "Rob" at LendingClub sent me the following email:<br /><blockquote style="font-style: italic;">Sorry for the delay on your inquiry. <br /><br />Please log into your Lending Club account, and from My Account summary page, click on the "all loans" view. There should be 2 links on each line:<br /><ul><li>Loan title link should take you to the loan's original listing</li><li>Loan ID link should open up a promissory note</li></ul>Let me know if this does not work<br /><br />Best regards</blockquote><br />So there you are. My question is answered, -F clearly has pull in LendingClub, I found my promissory notes (I'm in the process of preserving them to PDF), and best of all, I'm still happy with <a href="http://prosperhollowoak.blogspot.com/2008/04/my-lendingclub-irr.html">my LendingClub IRR</a>.<br /><br />Thank you to all.Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-2595222799424783647.post-76882792243610211792008-05-02T03:33:00.002-05:002008-05-02T03:37:04.331-05:00One for the conspiracy theorists among us<a href="http://www.nytimes.com/2008/05/02/washington/02madam.html?ref=us"><span style="font-size:100%;"> ‘D.C. Madam’ Is Found Dead, Apparently in a Suicide.<br /></span></a> Don't tell me there aren't a few (powerful) men breathing a little easier tonight. Any theories on whether her "little black book" has been found?Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-2595222799424783647.post-25524207023083348822008-05-02T00:49:00.003-05:002008-12-09T04:36:23.359-06:00Subliminal message from LendingClubReaders may recall that on April 23rd I asked LendingClub if they could <a href="http://prosperhollowoak.blogspot.com/2008/04/lendingclub-have-you-seen-your.html">produce the promissory notes on the loans I bought on their site</a>. Some time went by before they answered that <a href="http://prosperhollowoak.blogspot.com/2008/04/lendingclub-responds-sort-of.html">they would open a support case</a>. Well, I sent them a follow-up note and about 24 hours later I got a reply - the same reply as the initial reply indicating that a proper response would be forthcoming in 24 <span style="font-weight: bold;">business</span> hours. Not only did the boilerplate response take 24 hours, I noticed something interesting in the contents. See if you can spot the incongruity:<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_AfQRn4QO7Ds/SBqs_PcBWBI/AAAAAAAAAM4/q_P2CL0rXVU/s1600-h/LendingCLub+-+email+4.JPG"><img style="cursor: pointer;" src="http://2.bp.blogspot.com/_AfQRn4QO7Ds/SBqs_PcBWBI/AAAAAAAAAM4/q_P2CL0rXVU/s400/LendingCLub+-+email+4.JPG" alt="" id="BLOGGER_PHOTO_ID_5195655322601084946" border="0" /></a><br /><br />In case you don't get it, let me spell it out. They're sending email with a sender and reply-to address of <span style="color: rgb(51, 51, 255);">support@lendingclub.com</span>, but then warns you that incoming email to that address cannot be accepted - you should send your email to - wait for it - <span style="color: rgb(51, 51, 255);">support@lendingclub.com</span>. Duh!<br /><br />Catch-22 at its finest.<br /><br />And in the interim I'm still waiting to find out where my promissory notes are. It can't be that hard to tell me, so I must assume that either they've cut back on their support staff to the point that support doesn't exist or that they are unable to produce my promissory notes, which is somewhat disturbing.Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-2595222799424783647.post-78488535276017725722008-04-29T22:23:00.001-05:002008-04-29T22:25:10.338-05:00What happens when you mix Mentos and Coke?If you don't know (like, for instance you just arrived on this planet), see this video:<br /><br /><object width="425" height="355"><param name="movie" value="http://www.youtube.com/v/xzdpgb9lZ18&hl=en"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/xzdpgb9lZ18&hl=en" type="application/x-shockwave-flash" wmode="transparent" width="425" height="355"></embed></object>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-70162664665264624462008-04-28T07:38:00.003-05:002008-04-28T08:37:12.896-05:00My LendingClub IRRAfter I calculated my <a href="http://prosperhollowoak.blogspot.com/2008/04/i-just-calculated-my-irr.html">Prosper IRR</a>, I was curious about how I'm doing in the other major lending site I'm invested in. I just spent 5 minutes calculating my LendingClub IRR. It's considerably simpler than Prosper, since I've only transferred in $500 and made only a few outbound transfers. Additionally, I've not had to do any adjustments for late loans or defaults.<br /><br />Amazingly, my LendingClub IRR is a whopping 17.83%.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-16621739881083047662008-04-27T18:55:00.002-05:002008-04-27T18:59:16.107-05:00Roundup of P2P lending worldwideChecking my visitor logs today, a lone entry piqued my interest. Great was my surprise when I followed it back to it's origin and found <a href="http://lenen.start.be/">lenen.start.be</a>, Clearly just a launchpad, it has a great number of links to lending sites worldwide - the biggest collection I've ever come across. Good place to bookmark for research into P2P lending.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-9788304643071228442008-04-27T15:37:00.002-05:002008-04-27T15:49:39.433-05:00Trademark Infringement Lawsuit<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://farm1.static.flickr.com/55/127508710_cfb19c1155.jpg"><img style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer; width: 200px;" src="http://farm1.static.flickr.com/55/127508710_cfb19c1155.jpg" alt="" border="0" /></a><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://www.nadiaplesner.com/Website/poster.jpg"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer; width: 200px;" src="http://www.nadiaplesner.com/Website/poster.jpg" alt="" border="0" /></a><br />I know the good folks at <a href="http://prospers.org/">Prospers.org</a> relish a good trademark infringement lawsuit by large companies against individuals. So I guess they'll love to support the artist <a href="http://www.nadiaplesner.com/">Nadia Plesner</a> in her copyright/trademark infringement lawsuit against Louis Vuitton and at the same time strike a blow against genocide in Darfur.<br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://www.louisvuitton.com/media/images/Lg/skus/S000M9264900T0.jpg"><img style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer; width: 320px;" src="http://www.louisvuitton.com/media/images/Lg/skus/S000M9264900T0.jpg" alt="" border="0" /></a><br /><br />At issue is whether the handbag in this sketch infringes on the trademark pattern of a Louis Vuitton "multicolore" handbag as depicted here.<br /><br />You can read the entire story over at Nadia Plesner's website or over at <a href="http://beta.blogger.com/post-create.g?blogID=2595222799424783647">TechDirt</a>.<br /><br />While you're over there, read the interesting article about <a href="http://techdirt.com/articles/20080425/020649944.shtml">Beer, Blogs, and Bias</a>.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-24463139199801200352008-04-27T07:43:00.004-05:002008-04-27T07:49:57.208-05:00Bill Gates is looking for a job - any openings at Prosper?OK, so it's old news that Bill Gates has stepped down at Microsoft. I just found this video mildly appealing.<br /><br /><object height="355" width="425"><param name="movie" value="http://www.youtube.com/v/i1M-IafCor4"><param name="wmode" value="transparent"><embed src="http://www.youtube.com/v/i1M-IafCor4" type="application/x-shockwave-flash" wmode="transparent" height="355" width="425"></embed></object><br /><br />Let me stuff this post by adding this video of a man on a mission - even if the "mission" is to change his legal name to "Microsoft Zune". The logical next step, since he already sports several Zune tattoos all over his rather ample body.<br /><br /><object height="355" width="425"><param name="movie" value="http://www.youtube.com/v/ymGeDg-5AW8&hl=en"><param name="wmode" value="transparent"><embed src="http://www.youtube.com/v/ymGeDg-5AW8&hl=en" type="application/x-shockwave-flash" wmode="transparent" height="355" width="425"></embed></object>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-2345805835544289052008-04-27T07:18:00.002-05:002008-04-27T07:29:01.334-05:00Powerpoint Best PracticesI know, I shouldn't have been so <a href="http://prosperhollowoak.blogspot.com/2008/04/high-roi-video-is-out.html">hyper-critical of Loanchimp's presentation</a> at the <a href="http://www.prosper.com/prm/prosper_days/">Prosper Days 2008</a> <a href="http://www.prosper.com/prm/prosper_days/video-high_roi.htm">High ROI panel</a>. Truth be told, if LC didn't make his presentation, the session would have been a waste. And it is only because I hung out at the old Prosper.com forums (now preserved at <a href="http://www.prosperreport.com/">Prosper Reports</a>) and <a href="http://www.prospers.org/forum/">Prospers.org</a> that I knew most of what he had to say.<br /><br />Anyhow, here is a great <a href="http://blog.hubspot.com/blog/tabid/6307/bid/1056/Steve-Jobs-Guy-Kawasaki-Powerpoint-Best-Practices.aspx">Hubspot article</a> on best presentation (I'd say Powerpoint, but Steve Jobs use Keynote) practices. Note that our beloved chimpster scores high on the best practices list. Few words, compelling images (if you're a chimp, that is). ;)Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-81918463905422208242008-04-27T06:49:00.003-05:002008-04-27T07:03:10.680-05:00Angry RentersYou might recall that some time back I mentioned that <a href="http://prosperhollowoak.blogspot.com/2008/04/jason-kolb-is-upset.html">Jason Kolb is upset</a> (as am I). It had to do with Congress using taxpayers' money to bail out financial institutions and individuals that were ensnared in the mortgage crisis.<br /><br />Well, we're not alone. There's <a href="http://angryrenter.com/">Angry Renters</a>.<br /><br /><object height="355" width="425"><param name="movie" value="http://www.youtube.com/v/UOaDrM3rMXs&hl=en"><param name="wmode" value="transparent"><embed src="http://www.youtube.com/v/UOaDrM3rMXs&hl=en" type="application/x-shockwave-flash" wmode="transparent" height="355" width="425"></embed></object><br /><br />Quite frankly, everyone who weren't stupid enough to enter into a ridiculous mortgage deal to secure a house (or "investment properties") should be upset and should be talking to their elected representatives.<br /><br />Shout out to <a href="http://www.creditbloggers.com/2008/04/funny-money-f-3.html">CreditBloggers</a> for the heads-up.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-58592590677238902002008-04-26T22:45:00.002-05:002008-04-26T23:18:43.257-05:00I just calculated my IRRI spent most of the day (apart from the time working in the garden (under duress!), cycling with my daughter, and having a leaf burning that turned into a campfire) calculating my cashflow in and out of Prosper and my projected IRR using Excel's XIRR function.<br /><br />In total, I've transferred <span style=""></span>$9,385.12 into Prosper. To date I've transferred <span style=""></span>$4,951.47 back out. According to Prosper, my current account value is <span style=""></span>$ 5,609.47. The latter amount includes the loan values for late loans (even if they are in bankruptcy status) as well as accumulated interest. If I adjust my account value (optimistically) to account for lates and accrued interest I will most likely never see, then I estimate my account value to be <span style=""></span>$ 4,905.60.<br /><br />Just in total then, my Prosper investment since May 2006 can be valued at about 11% more than I've put into it. Calculating the IRR value yields 4.94%. That's disappointing. For those lenders out there that use Lendingstats and Erics for ROI figures, my <a href="http://www.lendingstats.com/lenders/HollowOak">Lendingstats ROI</a> is 10.11% and my <a href="http://www.ericscc.com/lenders/HollowOak">Eric's ROI</a> is 6.05%.<br /><br />I'd post the spreadsheet I used to calculate my IRR, but it's a multi-sheet Excel spreadsheet and I can't upload that to Google Spreadsheets and I don't want to go to the hassle of putting it somewhere else right now, so you'll just have to trust me that I worked it out correctly. I did look at RateLadder's XIRR spreadsheet that I downloaded ages ago, as well as my previous XIRR worksheet, so I'm pretty much sure I'm more or less right.<br /><a href="http://www.lendingstats.com/#" onclick="window.open('/lenders/HollowOak/audit?', 'roiAuditWindow', 'toolbar=no,scrollbars=yes,width=760,height=540'); return false;"></a><br /><br /><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/lender/lender_overview.aspx" method="post"></form><table str="" style="border-collapse: collapse; width: 56pt;" border="0" cellpadding="0" cellspacing="0" width="75"><col style="width: 56pt;" width="75"><tbody><tr style="height: 12.75pt;" height="17"></tr></tbody></table> <form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><table str="" style="border-collapse: collapse; width: 56pt;" border="0" cellpadding="0" cellspacing="0" width="75"><col style="width: 56pt;" width="75"><tbody><tr style="height: 13.5pt;" height="18"></tr></tbody></table> <form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><table str="" style="border-collapse: collapse; width: 56pt;" border="0" cellpadding="0" cellspacing="0" width="75"><col style="width: 56pt;" width="75"><tbody><tr style="height: 12.75pt;" height="17"></tr></tbody></table> <form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><table str="" style="border-collapse: collapse; width: 57pt;" border="0" cellpadding="0" cellspacing="0" width="76"><col style="width: 57pt;" width="76"><tbody><tr style="height: 13.5pt;" height="18"></tr></tbody></table><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><form id="MainContent" name="MainContent" action="/secure/account/common/transfer_activity.aspx" method="post"></form><table str="" style="border-collapse: collapse; width: 54pt;" border="0" cellpadding="0" cellspacing="0" width="72"><col style="width: 54pt;" width="72"><tbody><tr style="height: 13.5pt;" height="18"></tr></tbody></table>Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-2595222799424783647.post-83431592864431410952008-04-26T10:14:00.003-05:002008-04-26T10:22:40.799-05:00Experimenting<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://web.mit.edu/clublatino/www/under%20construction.bmp"><img style="margin: 0pt 0pt 10px 10px; float: left; cursor: pointer; width: 320px;" src="http://web.mit.edu/clublatino/www/under%20construction.bmp" alt="" border="0" /></a><br />Yes, this is still Money Walks. I'm experimenting with a few different layouts (I want more relative space for blog entries (perhaps a wider layout). Please bear with me while I experiment.<br /><br />Oh yea, and a special shout out for my old buddies on IRC. I hope they get the joke.Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-2595222799424783647.post-75304398062543204492008-04-25T19:43:00.003-05:002008-12-09T04:36:24.786-06:00LendingClub responds - sort ofYou may recall that <a href="http://prosperhollowoak.blogspot.com/2008/04/lendingclub-have-you-seen-your.html">I've asked LendingClub a question</a> about where to find my Promissory notes or other legal documents for the loans I've made on their site.<br /><br />They promised to respond within 24 business hours.<br /><br />Well, I've got an answer - sort of. Today they sent me the following follow-up email.<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_AfQRn4QO7Ds/SBJ7gPcBV7I/AAAAAAAAAMI/54O4wgDDb2s/s1600-h/LendingCLub+-+email+3.JPG"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;" src="http://2.bp.blogspot.com/_AfQRn4QO7Ds/SBJ7gPcBV7I/AAAAAAAAAMI/54O4wgDDb2s/s400/LendingCLub+-+email+3.JPG" border="0" width="400" alt=""id="BLOGGER_PHOTO_ID_5193349114141693874" /></a> <br /><br />First of all, I guess it gets them off the hook on the 24 business hour response undertaking. Note that this time they didn't say when they'd send me a real response.<br /><br />Secondly, I guess their first-level support doesn't know where to find the promissory notes either. Could that mean that the promissory notes aren't available to lenders?Unknownnoreply@blogger.com5tag:blogger.com,1999:blog-2595222799424783647.post-46150372139303290352008-04-25T09:09:00.003-05:002008-12-09T04:36:24.920-06:00The $1,000-Coup D'EtatIn all honesty, I don't expect this listing to survive scrutiny by Prosper. It is, however truly bizarre (image will open in new window).<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" target="_blank" href="http://1.bp.blogspot.com/_AfQRn4QO7Ds/SBHnfPcBV6I/AAAAAAAAAMA/jouRsSpkkB0/s1600-h/www.thumbalizr.com+-+Prosper+listing.jpg"><img style="cursor: pointer;" src="http://1.bp.blogspot.com/_AfQRn4QO7Ds/SBHnfPcBV6I/AAAAAAAAAMA/jouRsSpkkB0/s400/www.thumbalizr.com+-+Prosper+listing.jpg" alt="" id="BLOGGER_PHOTO_ID_5193186369240913826" border="0" /></a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2595222799424783647.post-35564769586948585942008-04-24T19:48:00.001-05:002008-04-24T19:49:42.155-05:00If "Social Capital" is the way forward...Can co-signed loans be far behind?Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-2595222799424783647.post-53303529122361994292008-04-24T17:41:00.007-05:002008-12-09T04:36:25.103-06:00LendingCLub - have you seen your promissory notes?I've been a lender on <a href="http://www.lendingclub.com/home.action">LendingClub</a> since August of 2007. Overall I'm pretty happy with the site, although I had a few <a href="http://prosperhollowoak.blogspot.com/2007/09/lendingclub-whacky-portfolio-accounting.html">early quibbles</a> with their accounting and I don't think the site navigates as easily as <a href="http://www.prosper.com/">Prosper.com</a> does. Also I have difficulty finding things on the LendingClub site. One of the things I can't seem to find are my promissory notes - the legal documents that show that I have ownership of, or interest in the loans that I have made through the LendingClub website.<br /><br />So I sent them the following email (address obtained by clicking on a link on their site):<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_AfQRn4QO7Ds/SBEQZ_cBV2I/AAAAAAAAALg/9_RE7CgfOgs/s1600-h/LendingClub+-+email+1.JPG"><img style="cursor: pointer;" src="http://4.bp.blogspot.com/_AfQRn4QO7Ds/SBEQZ_cBV2I/AAAAAAAAALg/9_RE7CgfOgs/s1600/LendingClub+-+email+1.JPG" alt="" id="BLOGGER_PHOTO_ID_5192949884046628706" border="0" width="450" /></a><br /><br />The email was sent on Wednesday at 1:55 PM. By 1:57PM I had the following reply in my inbox:<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://i161.photobucket.com/albums/t214/HollowOak/LendingClub/LendingCLub-email2.jpg"><img style="cursor: pointer; width: 450px;" src="http://i161.photobucket.com/albums/t214/HollowOak/LendingClub/LendingCLub-email2.jpg" alt="" border="0" /></a><br /><br />It's only now that I read the note again that I realized they promised to respond in 24 <span style="font-weight: bold;">business</span> hours, which presumably means up to 3 normal days or 72 regular hours.<br /><br />So, while I'm waiting, if any of my dear readers know where I can find the promissory notes for my loans, I'd appreciate a heads-up.Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-2595222799424783647.post-54475508054917378202008-04-24T11:24:00.002-05:002008-04-24T11:32:26.508-05:00LendingClub - their February SEC filingSome bloggers (I don't have links to hand right now) speculated that LendingClub might have filed with the SEC to become exempt from loan registration. That is not the case.<br /><br />Their most recent filing (in February) was a form 506 D to raise more capital. In fact, they raised close to a million dollars.<br /><br />Here are copies of a few of the pages in that filing (click on the image for full-sized image in a new browser window).<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" target="_blank" href="http://i161.photobucket.com/albums/t214/HollowOak/LendingClub/LendingClubSECfiling.jpg"><img style="cursor: pointer; width: 400px;" src="http://i161.photobucket.com/albums/t214/HollowOak/LendingClub/LendingClubSECfiling.jpg" alt="" border="0" /></a><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" target="_blank" href="http://i161.photobucket.com/albums/t214/HollowOak/LendingClub/LendingClubSECfilingpg5.jpg"><img style="cursor: pointer; width: 400px;" src="http://i161.photobucket.com/albums/t214/HollowOak/LendingClub/LendingClubSECfilingpg5.jpg" alt="" border="0" /></a><br /><br /><br /><br />So we're all still in the dark about the real issues over at LendingClub. I'm sympathetic to how hard it must be for management over there to not be able to comment on this issue.Unknownnoreply@blogger.com0