Stonk
Stonking
Posts: 735 
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Post by Stonk on Sept 18, 2017 23:05:16 GMT
Today, there were 69 new loans accepted, totalling £4.2 million. There were 14 A+'s, 21 A's, 13 B's, 11 C's, seven D's, and three E's.
So why has everybody's cash stayed in their account?
Well, 66 of them went as Whole Loans to institutions, while we retail lenders only saw 3 loans (yes, three). One A+, one A, and one B, amounting to £304,650.
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Stonk
Stonking
Posts: 735
Likes: 658
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Post by Stonk on Sept 18, 2017 23:12:06 GMT
For comparison, the previous Monday there were 24 Whole Loans for £1.48 million, versus 17 Part Loans for £951K.
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metoo
Member of DD Central
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Post by metoo on Sept 18, 2017 23:26:43 GMT
Institutions get to say when they will invest, and the rest have to wait for their turn. Meanwhile its just the crumbs that fall from the table.
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Post by grahamreeds on Sept 19, 2017 4:40:22 GMT
This is what I sent to FC:
"Yesterday, according to anecdotal reports on p2pindepentforums hardly anyone got any loan parts. Turns out that of the 69 loans registered 66 went as whole loans. This was a massive increase over the week before where only 24 were taken by the institutions. Could you tell me if the institutions were offered those three as well, and whether this is going to be a pattern moving forward - the recent changes have made you decidely unP2P - more of a investment fund - and mopping up the crumbs the institution don't think are viable really puts a sour taste in my mouth.
Prior to the switch there was a large amount of flippers holding numbers of CDE loans. I thought that they would bail yesterday - however my funds went largely untouched all day. Do the institutions also get to pick up the secondary market too prior to the general public?
Finally, £50 disappeared from my account. How can I, from the web app, see what you have purchased on my behalf? Hint - downloading a CSV and opening it up in Google Sheets isn't an answer."
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Post by jackpease on Sept 19, 2017 6:35:04 GMT
I've stuck with and often defended FC (and others) against low rates/bad comms/defaults/crappy IT/the latest changes etc etc but the show stopper for me would be if institutional cherry picking was so rampant that 66 out of 69 are taken out of the system before they are 'fairly' distributed. Hopefully forumites better than I can track this, a daily 'institutional cherry picking tracker' proving this effect would surely finish off FC as a home for retail funds.
Jack P
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blender
Member of DD Central
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Post by blender on Sept 19, 2017 6:58:17 GMT
The result of this lender interest will probably be the removal of the loan book, which is being 'misused' for inappropriate scrutiny to damage the reputation of FC. Transparency and accountability? Can no longer afford that - just read the statistics presented and be happy.
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Post by investor1925 on Sept 19, 2017 7:56:03 GMT
I've stuck with and often defended FC (and others) against low rates/bad comms/defaults/crappy IT/the latest changes etc etc but the show stopper for me would be if institutional cherry picking was so rampant that 66 out of 69 are taken out of the system before they are 'fairly' distributed. Hopefully forumites better than I can track this, a daily 'institutional cherry picking tracker' proving this effect would surely finish off FC as a home for retail funds. Jack P As of this morning, I've got £322 which has been paid back to me in the last couple of days & this is now sitting in the available funds slot just waiting to find a loan to go to. If it's still there next Monday, I may just consider selling the lot & going where I can earn some money.
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al
Posts: 49
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Post by al on Sept 19, 2017 8:11:56 GMT
I've stuck with and often defended FC (and others) against low rates/bad comms/defaults/crappy IT/the latest changes etc etc but the show stopper for me would be if institutional cherry picking was so rampant that 66 out of 69 are taken out of the system before they are 'fairly' distributed. Hopefully forumites better than I can track this, a daily 'institutional cherry picking tracker' proving this effect would surely finish off FC as a home for retail funds. Jack P A very rough-and-ready check - scrolling through and eyeballing - shows Monday to have been pretty much unprecedented in terms of the ratio of single-parts vs thrown-to-the-seagulls. I'm a bit doubtful that there's suddenly been a massive increase in institutional cash available, and I also doubt that FC wants people to invest and then just sit there watchng their uninvested balance remain static. I'm assuming that there needs to be a tuning of parameters.
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Post by william0101 on Sept 19, 2017 8:16:59 GMT
Why does anyone think they won't just be getting the loans no-one else wants ? Surely as of the 18th the p2x notion is broken for FC.
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al
Posts: 49
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Post by al on Sept 19, 2017 8:29:37 GMT
Why does anyone think they won't just be getting the loans no-one else wants ? Surely as of the 18th the p2x notion is broken for FC. If they're launching an ISA and advertising rates of return, I have to assume that, commercially, they want those things to actually happen. If 'the loans no-one-else wants' only adds up to a few thou, it's hardly going to attract investors, book quality aside.
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seabbs
P2P Blogger
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Post by seabbs on Sept 19, 2017 9:24:00 GMT
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Post by jackpease on Sept 19, 2017 9:28:03 GMT
nice one - wonder if 'we' could 'sticky' this for daily interrogations much as the excellent loan tracker? Jack P
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voss
Member of DD Central
Posts: 153
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Post by voss on Sept 19, 2017 9:41:39 GMT
This is a guess - that there has been an increase in funds going into FCIF (for obvious reasons), and the FCIF has therefore needed to buy a lot more loans than usual. I am assuming that the FCIF buys only whole loans - can anyone confirm that (their website doesn't help on this)?
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Post by jackpease on Sept 19, 2017 9:45:13 GMT
ahhh - some of my increasing balance is now decreasing with some of it now moved into a new 'orders' area on the summary page. Maybe the system (for retail investors) is starting to work.
Jack P
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SteveT
Member of DD Central
Posts: 6,875
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Post by SteveT on Sept 19, 2017 9:48:24 GMT
This is a guess - that there has been an increase in funds going into FCIF (for obvious reasons), and the FCIF has therefore needed to buy a lot more loans than usual. I am assuming that the FCIF buys only whole loans - can anyone confirm that (their website doesn't help on this)? No, FCIF is an investment trust so can only raise new funds via further issues of shares, which hasn't happened for a few months. But yes, FCIF only buys whole loans. It's likely that FC simply throttled back the PL vs WL lever for a day or two to check whether the new Auto-bid process is working properly. If so, that's probably a wise move, given past history of FC IT changes.
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