Comments on: Agape World and P2P Lending http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html like a friend telling you about money ... Thu, 19 Nov 2009 19:44:17 -0600 http://wordpress.org/?v=2.8 hourly 1 By: silverspoon http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html/comment-page-1#comment-2401 silverspoon Mon, 06 Jul 2009 19:22:41 +0000 http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html#comment-2401 The SEC is wrong. No registration should be necessary. P2P lending does not present a threat to consumer safety. I have made 20 percent returns on my investment. The Sec is bowing to pressure from the same bankers who created the debacle on wall street. P2P lending treats the consumer with the same respect that they get from ILCs' and thrifts which continue to lend to main street. The bankers pay only lip service to the consumers and lend to each other despite the billions they have borrowed in taxpayers' money. The bankers have even trying to avoid issuing small business administration guaranteed loans. Apparently they don't want competition from other lenders who are still lending. I feel safe with prosper. They are trustworthy. The SEC is wrong. No registration should be necessary. P2P lending does not present a threat to consumer safety. I have made 20 percent returns on my investment. The Sec is bowing to pressure from the same bankers who created the debacle on wall street. P2P lending treats the consumer with the same respect that they get from ILCs' and thrifts which continue to lend to main street. The bankers pay only lip service to the consumers and lend to each other despite the billions they have borrowed in taxpayers' money. The bankers have even trying to avoid issuing small business administration guaranteed loans. Apparently they don't want competition from other lenders who are still lending. I feel safe with prosper. They are trustworthy.

]]> By: Randy http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html/comment-page-1#comment-1642 Randy Wed, 25 Feb 2009 20:19:54 +0000 http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html#comment-1642 Where does one start to draw the line between a P2P lender that requires SEC approval and a typical hard money lender out there in the market that is selling loans to investors. I happen to have had an interesting exposure to this Agape World group, I am a loan broker and about a year ago had a client that was trying to refinance a development loan on an industrial property that they had taken out with Agape World. The loan docs, seemed all in order and I tried a couple of times to contact Agape just to see what types of properties they typically financed. When calling there office its obvious you are getting an answering service and never had anyone return a call. Where does one start to draw the line between a P2P lender that requires SEC approval and a typical hard money lender out there in the market that is selling loans to investors. I happen to have had an interesting exposure to this Agape World group, I am a loan broker and about a year ago had a client that was trying to refinance a development loan on an industrial property that they had taken out with Agape World. The loan docs, seemed all in order and I tried a couple of times to contact Agape just to see what types of properties they typically financed. When calling there office its obvious you are getting an answering service and never had anyone return a call.

]]> By: Alpha Tiger http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html/comment-page-1#comment-1630 Alpha Tiger Sun, 22 Feb 2009 22:01:37 +0000 http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html#comment-1630 The SEC registration is appropriate if P2P is securitizing the lending. However, if they are acting as an intermediary and simply acting as an agent, I don't think they need to be registered with the SEC. I've never used P2P lending and don't plan on it unless I have the ability to conduct my own due diligence. Just ask Stanford CD investors about how much transparency was provided to them! The SEC registration is appropriate if P2P is securitizing the lending. However, if they are acting as an intermediary and simply acting as an agent, I don't think they need to be registered with the SEC. I've never used P2P lending and don't plan on it unless I have the ability to conduct my own due diligence. Just ask Stanford CD investors about how much transparency was provided to them!

]]> By: Steve Rabago http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html/comment-page-1#comment-1424 Steve Rabago Thu, 29 Jan 2009 20:33:38 +0000 http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html#comment-1424 Not all sites need to be regulated. My company is offering a loan management/administration tool for people to manage loans between people they know. We call it naturally occurring social networks. I think the p-2-p space has to mature like most pioneering industries - it is here to stay. Not all sites need to be regulated. My company is offering a loan management/administration tool for people to manage loans between people they know. We call it naturally occurring social networks. I think the p-2-p space has to mature like most pioneering industries – it is here to stay.

]]> By: LendingGal http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html/comment-page-1#comment-1419 LendingGal Thu, 29 Jan 2009 14:02:34 +0000 http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html#comment-1419 I've been lending on P2P lending sites, and you really got me worried. However, I think you are taking it too far. First, in P2P lending, you get your money back each month according to how much you invested (no ponzi scheme here). You also can get out whenever you want using the secondary market (Lending Club has one, and Prosper is working on one). Have you tried these sites? I've been lending on P2P lending sites, and you really got me worried. However, I think you are taking it too far. First, in P2P lending, you get your money back each month according to how much you invested (no ponzi scheme here). You also can get out whenever you want using the secondary market (Lending Club has one, and Prosper is working on one). Have you tried these sites?

]]> By: That Lawyer Dude http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html/comment-page-1#comment-1417 That Lawyer Dude Thu, 29 Jan 2009 05:51:49 +0000 http://thefinancebuff.com/2009/01/agape-world-and-p2p-lending.html#comment-1417 The answer isn't regulation, it is in education. Investors need to know not only the questions to ask but the documents to look at. People in Agape, didn't look beyond the charisma that was Nick Cosmo and the returns. These weren't unsophisticated people. There were was a hedge fund, a lawyers, finance people, even FBI agents in this investment. When warning bells went off, Nick Cosmo had the proper answers, but he produced nothing because no one asked him to produce anything. When he was finally pushed by his own staff to show the loan docs and the liens, it all crumbled down in no time. The lesson in Agape, Madoff, and other investment fraud is, diversify, ask questions, get other opinions and have someone who will check and verify. It is not to so clog up the P2P market with regulation that it becomes no more useful to the high stake borrower-lender than the present banking credit system. The answer isn't regulation, it is in education. Investors need to know not only the questions to ask but the documents to look at. People in Agape, didn't look beyond the charisma that was Nick Cosmo and the returns. These weren't unsophisticated people. There were was a hedge fund, a lawyers, finance people, even FBI agents in this investment. When warning bells went off, Nick Cosmo had the proper answers, but he produced nothing because no one asked him to produce anything. When he was finally pushed by his own staff to show the loan docs and the liens, it all crumbled down in no time.

The lesson in Agape, Madoff, and other investment fraud is, diversify, ask questions, get other opinions and have someone who will check and verify. It is not to so clog up the P2P market with regulation that it becomes no more useful to the high stake borrower-lender than the present banking credit system.

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