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Article: Prosper to Open Secondary Market to Bank-Issued Loans.(Technology)(Prosper Marketplace Inc.)
- Article from:
- American Banker
- Article date:
- December 8, 2008
- Author:
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Daniel Wolfe
Prosper Marketplace Inc., which is developing a secondary market for loans originated through its Web site, also plans to let banks use its system to resell their loans.
Observers said that such a service, which the San Francisco company disclosed in a filing with the Securities and Exchange Commission Friday, would let banks reduce their capital requirements.
Prosper initially registered with the SEC last year to create a secondary market that would enable its users to trade the notes for loans made through Prosper's peer-to-peer lending service.
Friday's update to that filing included details about expanding the system to permit ...