Venting! - Follow Up.

First off, I hope I didn't offend anyone with my rant of a post on Friday.

I was thinking about going back in to censor it because well, I swore.

I did it. I admit it, I said a swear word. Sorry! Sorry everyone.

In case you haven't read the entry, I said "B.S."

I said it, despite an honest effort at keeping this thing rated "E" for Everyone. I am after all, a dad myself. I have two little guys at home. They're four and seven, and considering the amount of time & discipline it took me to clean up my vocabulary in the first place, I'm not about to use this forum as a gateway back to that foul habit.

Ultimately, I decided against censoring it because I figured that generally speaking, this blog is WAY to boring to hold any sort of audience under the age of 18.

Besides my abject language, I was also very sarcastic. Especially when it came to Pennsylvania's state motto. As far as my sarcasm goes, I'm usually a sarcastic jerk as it is, and I quit making apologies for that a long time ago.

For the record, I love PA. I think we have a great motto, and while I grew up here, I moved back to Western PA after 10 years by choice because I personally could think of no better place to raise my boys.

To get back on topic, and in case anyone hasn't noticed, I am swinging back and forth like a heavy brass pendulum on this whole issue.

One day I'm frustrated with the Pennsylvania Securities Commission and the next, I'm frustrated with Prosper.

I am frustrated at the PSD for acting not only in the minority and prior to any apparent definitive on the subject of registration. But I'm also frustrated with their obviously heavy-handed manner in dealing with Prosper. All of to which Prosper just said, "Forget it!".

Leaving all Pennsylvanians prohibited from lending, and for screwing existing PA lenders along the way. To be clear, I blame PA Regulators for the prohibition and I view Prosper as doing what they had to do.

Where I'm frustrated with Prosper is for not having their ducks in a row in the first place.

Now I don't know what's happening behind closed doors. Though I will say, if Prosper is not working to return things to normal for us, and by "normal" I mean allowing us to lend again, then they really need to buy our notes back from us with interest.

Because, like I mention in my post on Friday, PA Lenders are still in the Prosper marketplace, but we are not equals among our lending peers. Everyone else can expand and diversify their portfolios. Everyone else can compound their principle and earnings. We can't!

As for myself, I was going to lend to riskier borrowers (C, D, E, and even HR) until any single loan was less than 2% of my portfolio, and then I was going to shift to the better credit grades. I don't know if that's the best strategy in the world, but it's what I was doing. I never made it that far. Each loan is currently around 4.75% of my portfolio and they're all riskier.

Prosper, if you're trying to return things to normal, great! I hope you are. Get your sh!t together and let us know. (Oh, crap, I did it again!)

If you, Prosper, are not working to return things to normal, then I think it's kind of crappy that you haven't offered to buy our notes back from us. It should at least be an option.

So as for my bipolar focus and for my jumping from one to the other, all I have to say is: That's what happens when you're stuck in the middle. -And that is what we PA lenders are. We're stuck in the middle of this nonsense.

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