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Mtnchick
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« Reply #90 on: May 04, 2008, 05:29:54 PM » |
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P-----r is completely different than CC companies or mortgage companies because IT'S NOT THEIR MONEY that they've loaned. Not a dime. This is the only credit type I can think of with this business structure. IOW, they have zero financial incentive to take anyone to court.
Actually, most of the mortgage market is run this way. Only a small fraction of mortgages is held on the originator's books. They have sold the loans to ONE company. For instance, when I first got my mortgage it was sold. Now THAT company holds the full amount. It wasn't sold to 300 people, it was sold to ONE company. These loans were never P-----r's to begin with. Comparing P-----r with CC companies, mortgage, car loan lenders, etc. is just silly, IMHO. |
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"lol. Go no further than my myspace or facebook to see proof of my "lack" of real life friends." BFS/JZ//plaquenasty/abcdefg/Whatever
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Risk_Reward
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« Reply #91 on: May 04, 2008, 05:31:16 PM » |
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P-----r is completely different than CC companies or mortgage companies because IT'S NOT THEIR MONEY that they've loaned. Not a dime. This is the only credit type I can think of with this business structure. IOW, they have zero financial incentive to take anyone to court.
Actually, most of the mortgage market is run this way. Only a small fraction of mortgages is held on the originator's books. They have sold the loans to ONE company. For instance, when I first got my mortgage it was sold. Now THAT company holds the full amount. It wasn't sold to 300 people, it was sold to ONE company. These loans were never P-----r's to begin with. Comparing P-----r with CC companies, mortgage, car loan lenders, etc. is just silly, IMHO. It could easily be owned by 300 people. You only know who the servicer is, not who the owners are. |
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« Last Edit: May 04, 2008, 05:34:41 PM by Risk_Reward »
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Mtnchick
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« Reply #92 on: May 04, 2008, 05:36:26 PM » |
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It could easily be owned by 300 people. You only know who the servicer is, not who the owners are.
Are you saying there are mortgage companies that operate on a P2P lending basis? Any links? I might be interested with collateral  |
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"lol. Go no further than my myspace or facebook to see proof of my "lack" of real life friends." BFS/JZ//plaquenasty/abcdefg/Whatever
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Mtnchick
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« Reply #94 on: May 04, 2008, 07:24:38 PM » |
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Not exactly what I would compare P------r to........ |
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"lol. Go no further than my myspace or facebook to see proof of my "lack" of real life friends." BFS/JZ//plaquenasty/abcdefg/Whatever
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Risk_Reward
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« Reply #95 on: May 04, 2008, 08:05:13 PM » |
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Not exactly what I would compare P------r to........ This is your quote "P-----r is completely different than CC companies or mortgage companies because IT'S NOT THEIR MONEY that they've loaned. Not a dime. This is the only credit type I can think of with this business structure. IOW, they have zero financial incentive to take anyone to court. " How do mortgage backed securities not fit? |
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iLIE
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« Reply #96 on: May 04, 2008, 08:07:34 PM » |
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How do mortgage backed securities not fit? I'll bite. A lot of those come with buyback provisions. Almost all are public traded companies also,where bad results tend to lower stock prices. |
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Some people are like slinkys; they really don't have a purpose in life , but they still bring a smile to your face when you push them down the stairs.
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Risk_Reward
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« Reply #97 on: May 04, 2008, 08:12:41 PM » |
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How do mortgage backed securities not fit? I'll bite. A lot of those come with buyback provisions. Almost all are public traded companies also,where bad results tend to lower stock prices. Prosper securities also come with buyback provisions and Prosper is held accountable by the VC. |
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iLIE
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« Reply #98 on: May 04, 2008, 08:16:52 PM » |
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Yes but prosper is it's own police. It's public info when debt defaults on a security backed asset & who/when it's bought back.
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Some people are like slinkys; they really don't have a purpose in life , but they still bring a smile to your face when you push them down the stairs.
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ira01
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« Reply #99 on: May 04, 2008, 09:31:39 PM » |
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How do mortgage backed securities not fit? I'll bite. A lot of those come with buyback provisions. Almost all are public traded companies also,where bad results tend to lower stock prices. Prosper securities also come with buyback provisions and Prosper is held accountable by the VC. Not really. I believe that mortgage securities usually require the originating bank to buy back loans that default in the first 90 days, which would certainly be a nice guarantee to have from Prosper considering all the loans that fail to make the first, or second, or third payments. |
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iLIE
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« Reply #100 on: May 04, 2008, 09:36:04 PM » |
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In my experience the companies have to buy it back in the first 6 months
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Some people are like slinkys; they really don't have a purpose in life , but they still bring a smile to your face when you push them down the stairs.
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Mtnchick
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« Reply #101 on: May 05, 2008, 08:29:06 AM » |
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Not really. I believe that mortgage securities usually require the originating bank to buy back loans that default in the first 90 days, which would certainly be a nice guarantee to have from Prosper considering all the loans that fail to make the first, or second, or third payments.
In my experience the companies have to buy it back in the first 6 months
Either way, not even close to being comparable to P-----r, IMO. |
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"lol. Go no further than my myspace or facebook to see proof of my "lack" of real life friends." BFS/JZ//plaquenasty/abcdefg/Whatever
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iLIE
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« Reply #102 on: May 13, 2008, 07:50:46 PM » |
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Debt Sale Update
05/2/08 posted by Doug Fuller I guess we are back in the dark..I'd like an update. NO,i'd like mine sold!! |
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Some people are like slinkys; they really don't have a purpose in life , but they still bring a smile to your face when you push them down the stairs.
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iLIE
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« Reply #103 on: May 13, 2008, 09:19:36 PM » |
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Since Doug won't give an update,i will
Previously i stated that 6.5 million in loans were 4+ late & somewhere around 1167 loans.
THE UPDATE.
Today has $6,960,044 4+ late with 1249 loans.
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Some people are like slinkys; they really don't have a purpose in life , but they still bring a smile to your face when you push them down the stairs.
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