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Mtnchick
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« Reply #1 on: November 15, 2009, 09:53:46 pm » |
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Occupation: Car Dealer  |
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Classic comment from Urbi to a poster who said they were leaving:
"Once again, we note that your threats are hollow and you come across like a sad, lonely blowhard.
I doubt anyone here gives a shit about you. We pretty much all know that you are a vile and unethical parasite of a human being with an abnormal craving for attention."
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ira01
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« Reply #2 on: November 16, 2009, 02:05:43 am » |
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Probably not for long -- the origination date was the 22nd, so that is when the next payment will be due. Since there's little reason to pay the earlier loan if you aren't going to pay the later one, I would be very surprised to see that next payment made. |
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Urbi_et_Orbi
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« Reply #3 on: November 19, 2009, 08:51:43 pm » |
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Here we grow again...Prosper 3.0:
1 loan has now reached 1+ month late
2 additional loans have now reached >15 Late
23 loans have already paid in full.
Feels strangely like April 2006.
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mothandrust
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« Reply #4 on: November 20, 2009, 01:08:59 am » |
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23 loans have already paid in full. They had that promo where lenders could get 2% back, so if your wife/brother/kid put up an AA listing and you bid $25K on it you'd get $500 back and it would cost the borrower $125. The next week the borrower/lender could switch roles and get another $375. |
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"It was probably a mistake to allow gold to rise so high."--Paul Volcker, 2005 interview with Jay Taylor
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Urbi_et_Orbi
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« Reply #5 on: November 20, 2009, 01:11:58 am » |
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You could be right. I read something in Freakanomics about what can happen when you don't think through the way you incentivize behavior.  |
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Faithful_Steward1
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« Reply #6 on: November 20, 2009, 11:15:50 am » |
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Prosper doesn't care, they just want the volume to brag to VC's about.
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Urbi_et_Orbi
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« Reply #7 on: December 11, 2009, 05:20:20 pm » |
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9 P3.0 loans now headed towards the crapper.
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TotoMMB
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« Reply #8 on: December 11, 2009, 06:39:44 pm » |
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I only see 8. I do like the guy that borrowed $1K at 33% to pay off a prior Prosper loan ($1K @ 29%) - this is my assumption, I can't be sure that's what he did. Current: http://www.ericscc.com/listings/423227Previous: http://www.ericscc.com/listings/334932I had originally thought he was not going to default on the second, seeing as how he got late on the first, but paid it back. Then I realized the dates overlapped. Pretty piss poor to not be able to honor a $45/mo. commitment. ETA: Nevermind. I can't read. First loan was paid off in Oct. '08, second was made Sep. '09. So I now stick to my original thought...he'll pay. |
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« Last Edit: December 11, 2009, 06:42:08 pm by TotoMMB »
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brianguy
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« Reply #9 on: December 12, 2009, 02:48:52 am » |
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23 loans have already paid in full. They had that promo where lenders could get 2% back, so if your wife/brother/kid put up an AA listing and you bid $25K on it you'd get $500 back and it would cost the borrower $125. The next week the borrower/lender could switch roles and get another $375. geezus cripes. I was out of the P 2.5 / 3.0 new lending schemes for a little while, so that's the first I've heard of it. all I can say is holy shiite... they must have been inspired by all Obama's cash for clunkers, homes, and everything else under the sun. or something. |
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God-Father
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« Reply #10 on: December 31, 2009, 06:31:43 am » |
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3 rd loan 2 months late - 2 nd loan now 1 month late A total of 11 P3.0 loans now late or worse. |
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Long live Prosper!
Bama who? :-)
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christoofar215
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« Reply #11 on: December 31, 2009, 08:58:43 am » |
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Prosper doesn't care, they just want the volume to brag to VC's about.
If I was a VC I would Google hard enough to discover Fred's charts. I would be screaming running to the hills if I saw the lateness progression chart. Like... Credit Card companies have a hard time staying afloat with 10% default rates. How can a P2P shop be viable and cover-up 40+% default rates over the life of the loans and NOT have the lending pool find out about it and put future lenders off borrowing? Meh. |
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God-Father
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« Reply #12 on: December 31, 2009, 09:20:26 am » |
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Prosper doesn't care, they just want the volume to brag to VC's about.
If I was a VC I would Google hard enough to discover Fred's charts. I would be screaming running to the hills if I saw the lateness progression chart. Like... Credit Card companies have a hard time staying afloat with 10% default rates. How can a P2P shop be viable and cover-up 40+% default rates over the life of the loans and NOT have the lending pool find out about it and put future lenders off borrowing? Meh. Easy - you move a few deck chairs around every year or so and declare that the Titanic is now fine. |
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Long live Prosper!
Bama who? :-)
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brianguy
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« Reply #13 on: December 31, 2009, 12:15:00 pm » |
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Prosper doesn't care, they just want the volume to brag to VC's about.
If I was a VC I would Google hard enough to discover Fred's charts. I would be screaming running to the hills if I saw the lateness progression chart. Like... Credit Card companies have a hard time staying afloat with 10% default rates. How can a P2P shop be viable and cover-up 40+% default rates over the life of the loans and NOT have the lending pool find out about it and put future lenders off borrowing? Meh. because if you got a tip and googled Fred enough times, all you end up finding are more and more links to that annoying 14-year old gay kid from Youtube  |
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Urbi_et_Orbi
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« Reply #14 on: January 11, 2010, 04:09:04 pm » |
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First 3.0 loan has now passed 3 months late.
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