Newish lender agreement..Has anyone read it?

[onthefence]

Credit card companies and banks are allowed to alter the terms of their loans because they are THE LENDER.
Prosper will not be the lender on any of these loans, and should not have the power to change any terms or negotiate any settlement without THE LENDER'S authorization. Any lender signing anything giving this power to Prosper is a fool.

In theory it would be good for Prosper to negotiate settlements.  But there are two problems here.
1) Prosper has a piss poor history of looking out for the Lender's interests.
2) Prosper has specifically stated in their new agreement that Prosper IS NOT A FIDUCIARY AGENT for the lenders.

Which begs the question, who the heck is looking out for the lenders at prosper?  Obviously no one.

[Staneslav]

Credit card companies and banks are allowed to alter the terms of their loans because they are THE LENDER.
Prosper will not be the lender on any of these loans, and should not have the power to change any terms or negotiate any settlement without THE LENDER'S authorization. Any lender signing anything giving this power to Prosper is a fool.

In theory it would be good for Prosper to negotiate settlements.  But there are two problems here.
1) Prosper has a piss poor history of looking out for the Lender's interests.
2) Prosper has specifically stated in their new agreement that Prosper IS NOT A FIDUCIARY AGENT for the lenders.

Which begs the question, who the heck is looking out for the lenders at prosper?  Obviously no one.

And you are forbidden to do it yourself.

[onthefence]

Maybe we should write the SEC and ask them how the "Not Your Fiduciary Agent" thing works with securities.

[Senator]

Oh my..

Prohibited Activities. You agree that you will not do the following, in connection with any listings, bids, Notes, borrower loans or other transactions involving or potentially involving Prosper:. Include or display any personally identifying information, including, without limitation, name, address, phone number, email address, Social Security number or driver's license number, or bank account or credit card numbers of any Prosper member on your Prosper member web page, or elsewhere on or off of the Prosper website, including but not limited to on any forum, blog or website

RULES OF PROSPER:

1st RULE: You do not talk about PROSPER.

2nd RULE: You DO NOT talk about PROSPER.

LOL! They want to censor other web sites.

[onthefence]

BTW - That clause opens the way for a scott-free bankruptcy.  Prosper sells the remaining loans for pennies on the dollar, divvies it up amongst their creditors.  They aren't even fiduciary agents.  Case closed.  Prosper management walks away with a golden parachute.

[Senator]

BTW - That clause opens the way for a scott-free bankruptcy.  Prosper sells the remaining loans for pennies on the dollar, divvies it up amongst their creditors.  They aren't even fiduciary agents.  Case closed.  Prosper management walks away with a golden parachute.

Certainly the newish agreement applies to newish loans, right?

[ira01]

BTW - That clause opens the way for a scott-free bankruptcy.  Prosper sells the remaining loans for pennies on the dollar, divvies it up amongst their creditors.  They aren't even fiduciary agents.  Case closed.  Prosper management walks away with a golden parachute.

Certainly the newish agreement applies to newish loans, right?

Right.