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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:
Copyright

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 ...

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