Unfortunately, I was surprised to find the following notice:
"We are not accepting new lender registrations or new commitments from existing lenders at this time."
Sure enough, securities regulators have found that their business must be registered and monitored. I'm extremely sad. Jim Bruene from NetBanker.com has already explained why this type of thing is bad, including more examples of how this really puts a damper on innovation. I, for one, hunger for the opportunity to work with individuals rather than institutions, and I'm willing to accept the risk (and rewards) involved. How did my national government get the power to forbid this kind of trade? Actually, Jim says that our federal legislators didn't directly cause this problem, but rather the SEC decided to classify these loans such that they're in trouble. This is typical; if Congress can delegate the power
I'm not good at tirades, so I'll end here. I'm just very, very sad that this is going on, and getting worse.