Author Topic: Tradable and Non-Tradable Notes?  (Read 6874 times)

Rob L

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Tradable and Non-Tradable Notes?
« on: December 03, 2013, 06:52:55 PM »
I should probably know the answer to this but I don't. I searched LC Help and the entirety of this forum for the term "non-tradeable" with no joy.

When I go to my LC account details I am presented with two major tabs; Non-tradeable notes and tradeable notes. All of my notes are tradeable. The non-tradeable tab displays zeros everywhere. So, what are non-tradeable notes? My account is IRA so, by "current" definition I can't trade any of my notes. They are defacto non-tradeable. Presumably this flavour of non-tradeable has an entirely different meaning.

So, I could get by with a little help from my friends.

core

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Re: Tradable and Non-Tradable Notes?
« Reply #1 on: December 03, 2013, 07:05:52 PM »
Mine are all $0 too, even though I have tons that I can't sell due to payment processing and so on.  I hate to say it, but I feel another change coming on real soon.

DanB

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Re: Tradable and Non-Tradable Notes?
« Reply #2 on: December 03, 2013, 07:09:23 PM »
Non tradable notes were notes issued prior to Oct 2008. Needless to say they are no longer active in any way because back in 2008 all notes issued were 36 month notes. It is just a vestige from the past. Nothing to be concerned about, it's always been noted like that.

core

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Re: Tradable and Non-Tradable Notes?
« Reply #3 on: December 03, 2013, 07:31:03 PM »
Obviously someone hacked Dan's account and used it to make an informational post.

(I honestly have never noticed that entire section before Rob pointed it out)

DanB

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Re: Tradable and Non-Tradable Notes?
« Reply #4 on: December 03, 2013, 07:44:21 PM »
Obviously someone hacked Dan's account and used it to make an informational post.

(I honestly have never noticed that entire section before Rob pointed it out)

Where are your manners? Or were you born or live near a barn?
Oh wait, scratch that last part.
« Last Edit: December 03, 2013, 07:46:00 PM by DanB »

core

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Re: Tradable and Non-Tradable Notes?
« Reply #5 on: December 03, 2013, 07:47:12 PM »
Quite right; how crude of me.  Thank you, Mr. Hacker.

DanB

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Re: Tradable and Non-Tradable Notes?
« Reply #6 on: December 03, 2013, 07:50:32 PM »
You're very welcome, I'm sure.
Figured I'd clear things up before you went on your usual escapade of creating another conspiracy out of nothing.

rawraw

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Re: Tradable and Non-Tradable Notes?
« Reply #7 on: December 03, 2013, 09:31:24 PM »
Yea, it's always been that way and has to do with notes issued before LC had Folio.  Back before many people here were investing.

DanB

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Re: Tradable and Non-Tradable Notes?
« Reply #8 on: December 03, 2013, 11:30:28 PM »
Yea, it's always been that way and has to do with notes issued before LC had Folio.  Back before many people here were investing.

Actually no, it has nothing to do with Folio or when Folio came around. Prior to Oct 2008 LC notes were classified with the SEC as obligations of the individual borrowers & were non-tradable for that reason. After Oct 12th or 14th 2008, I forget (which was the date after LC completed registration  & emerged from their almost 5 months "quiet period"), they were classified by the SEC as obligations of LC itself & were allowed by the SEC to be traded. When Folio became available notes issued before & after that Oct 2008 date existed..............hence the necessity for a line of demarcation that has always been noted on Folio about the SEC prohibition on trading pre Oct 2008 notes.

But yes this was way before almost everyone here was investing...............about a year before I started & before Peter bought this blog.
« Last Edit: December 04, 2013, 06:29:46 AM by DanB »

core

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Re: Tradable and Non-Tradable Notes?
« Reply #9 on: December 03, 2013, 11:33:46 PM »
about a year before I started & before Peter bought this blog.

Bought??  Tell us a campfire story, Dan.  Make it scary.

DanB

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Re: Tradable and Non-Tradable Notes?
« Reply #10 on: December 04, 2013, 12:08:15 AM »
Core.......Would you prefer started this blog?

Fred

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Re: Tradable and Non-Tradable Notes?
« Reply #11 on: December 04, 2013, 12:21:24 AM »
Per http://www.sec.gov/Archives/edgar/data/1409970/000140997008000013/fwp_20081017.htm:

Quote
Originally, Lending Club's loans were made directly from individual lenders to borrowers, Mr. Laplanche said; the lenders were issued "anonymized individual promissory notes," which could not be traded.
 
Now the loans are issued by WebBank, a Salt Lake City unit of WebFinancial Corp. of New York. People who enter agreements with borrowers through the site receive "member payment dependent notes," which can be traded on Lending Club's secondary market.

Also:
Quote
Loans originated through the old model are still being serviced, but "at this point, the old notes and the old loans are not tradeable," Mr. Laplanche said.

core

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Re: Tradable and Non-Tradable Notes?
« Reply #12 on: December 04, 2013, 12:45:57 AM »
Core.......Would you prefer started this blog?

Gosh I don't know how to answer that Dan.  I don't know what it means.  Is that some tribal dialect in Brasil?  That's it, you're getting ready for your summer trip.  I wish I could help you but I'm strictly a 2-language man and I don't pierce my neck or anything like that.  I could probably scalp some folks if it would assist in communication?

DanB

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Re: Tradable and Non-Tradable Notes?
« Reply #13 on: December 04, 2013, 01:20:28 AM »
Core.......Would you prefer started this blog?

Gosh I don't know how to answer that Dan.  I don't know what it means.  Is that some tribal dialect in Brasil?  That's it, you're getting ready for your summer trip.  I wish I could help you but I'm strictly a 2-language man and I don't pierce my neck or anything like that.  I could probably scalp some folks if it would assist in communication?

Core..........I have absolutely no idea what you're ranting about. Does anyone?  Obviously you need some sort of cooling down period. I am shocked though to hear that you're a 2 language man. Which 2?

I'm not sure how to react to all this talk of piercing & scalping except to suggest that you if you do get a piercing that you consider restricting it to areas that can be exhibited in mixed company.  I wouldn't want the feeling of euphoria to overtake your current state of mind & lead you to explore other potential piercings that you may regret the next time nature calls.  :)

core

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Re: Tradable and Non-Tradable Notes?
« Reply #14 on: December 04, 2013, 01:29:21 AM »
Core..........I have absolutely no idea what you're ranting about. Does anyone? 

You left out a word.  Normally I wouldn't mind but your sentence has no meaning without it.  It's an important word... whatever it was.


I am shocked though to hear that you're a 2 language man. Which 2?

1.0 English (American, not Queen's)
0.4 Spanish
0.2 Feline
0.1 Japanese
0.1 Deer
0.1 Cow
0.1 Ouija
---
2.0 languages
 
I'm not sure how to react to all this talk of piercing & scalping

Yes I know Dan.  You are getting worked up by it.  Ok I will stop such talk.  Piercing doesn't belong on a family forum such as this anyway.