Subprime fun for everyone

16 October 2008 By Jeff Segal

Prosper.com, a site that allows amateurs to invest in subprime loans, looks like a casualty of the credit crunch. No surprise allowing Joetheplumbers to construct their own subprime CDOs captured a credit bubble moment long gone.

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Prosper Marketplace, the parent of peertopeer lending site Prosper.com, has announced that it will suspend new lending while the US Securities and Exchange Commission reviews its filing for a secondary loan market.

Prosper filed an S1 with the SEC last year on October 30, seeking to establish and maintain a secondary trading market for its loans.

Prosper launched on February 5, 2006, and was founded by Chris Larsen and John Witchel. The company is based in San Francisco, CA, and is backed by Accel Partners, Benchmark Capital, Fidelity Ventures, Omidyar Network, DAG Ventures, and Meritech Capital Partners.

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