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MsTabbyKats
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« on: July 12, 2009, 09:43:02 pm » |
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I just tried logging in.....
The site will be down 7/12 & 7/13
Think this is the beginning of a new phase?
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112233
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« Reply #1 on: July 12, 2009, 09:49:52 pm » |
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I barely have enough care in me to write a WGAF post
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pioneer11
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« Reply #2 on: July 12, 2009, 09:55:09 pm » |
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If it means I can sell my notes, other than yours and Mtnchick's. I will be happy.
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bamalucky
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« Reply #3 on: July 12, 2009, 09:56:29 pm » |
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Maybe i can sell dr karnes really fast <evil grin>
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There are no stupid questions, just stupid people.
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pioneer11
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« Reply #4 on: July 12, 2009, 10:04:01 pm » |
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I always wondered why you guys thought that Karnes was a good investment. You funded it before my time on Prosper. Her finances were a house of cards just like torreylisa, ryansmom and autismawareness.
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bamalucky
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« Reply #5 on: July 12, 2009, 10:05:56 pm » |
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I did it because i like her..I'd do it again & i'd send her money now.
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There are no stupid questions, just stupid people.
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ira01
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« Reply #6 on: July 13, 2009, 02:20:47 am » |
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If it means I can sell my notes, other than yours and Mtnchick's. I will be happy. It surely won't mean that -- even if and when the secondary market opens, it will only offer loans created after Prosper's re-opening. |
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onthefence
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« Reply #7 on: July 13, 2009, 03:51:23 am » |
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Perhaps they are eliminating PII.
Prosper Incriminating Information.
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Oak_Hill_Fire
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« Reply #8 on: July 13, 2009, 06:18:04 am » |
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poof- didn't work, not worth the effort to fix
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« Last Edit: July 13, 2009, 06:20:15 am by Oak_Hill_Fire »
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It would be easier to teach a chicken to tap dance than it would be to teach PROSPER common sense.
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MsTabbyKats
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« Reply #9 on: July 13, 2009, 06:20:13 am » |
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I did it because i like her..I'd do it again & i'd send her money now.
That's why I bid on Autismawareness...and I think she's still current (unless it slipped by me) When someone becomes "your friend"....and you have some money....and you see them struggling......it's really hard not to want to help. I always tried to "not get emotionally involved" with the borrowers....just to avoid things like this. |
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« Last Edit: July 13, 2009, 06:38:16 am by MsTabbyKats »
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Navy-slush-fund
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« Reply #10 on: July 13, 2009, 06:35:36 am » |
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I did it because i like her..I'd do it again & i'd send her money now.
sometimes it just boils down to that....and also smart women can be a turn on. |
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Capital_Finance_Group
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« Reply #11 on: July 13, 2009, 06:44:31 am » |
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Folks you should know by now - they are fixin up something so that we will have something new to gripe about. Most of their latest fixes have done little for me and have actually made things worse at times. The only fix I'm really interested in is collections; however, that does not appear high on the list these days - survival seems to be forefront to them right now.
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Capital_Finance_Group
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« Reply #13 on: July 13, 2009, 06:52:44 am » |
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Q: What are our Borrower Payment Dependent Notes?
A: Our lender members may purchase Borrower Payment Dependent Notes, or “Notes,” from Prosper. We will issue the Notes in a series, with each series dependent for payment on payments we receive on a specific borrower loan. The proceeds of each series of Notes are used to purchase the corresponding borrower loan upon which that series of Notes is dependent for payment. Each series of Borrower Notes will have a stated interest rate equal to the final yield percentage as determined from the auction bidding process. The interest rate on the Note will be lower than the interest rate on the corresponding borrower loan because the yield percentage takes into account Prosper’s servicing fees for servicing the corresponding borrower loan. We will pay principal and interest on any Borrower Note in an amount equal to your pro rata portion of the principal and interest payments, if any, we receive on the corresponding borrower loan, net of our servicing fee of 1.0%. We will also pay you any other amounts we receive on the borrower loans, including late fees and prepayments, subject to our servicing fee, if any, except that we will not pay you any non-sufficient funds fees or collection fees we or a third-party collection agency charge. The Notes are special, limited obligations of Prosper only and not the borrowers. The Notes will be unsecured and do not represent an ownership interest in the corresponding borrower loans.
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Capital_Finance_Group
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« Reply #14 on: July 13, 2009, 06:55:32 am » |
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Q: Will lender members receive payments on the Notes in the event Prosper declares bankruptcy or otherwise experiences financial distress?
A: If Prosper were to become subject to a bankruptcy or similar proceeding, the rights of the holders of the Notes could be uncertain, and payments on the Notes may be limited, suspended or stopped even if the borrowers are making payments on the corresponding borrower loans. The Notes are unsecured and holders of the Notes do not have a security interest in the corresponding borrower loans or the proceeds of those corresponding borrower loans. The recovery, if any, of a holder on a Note may be substantially delayed. Even funds held by Prosper in an account for the benefit of the holders of Notes may potentially be at risk. To limit the non-payment risk in connection with Prosper’s insolvency, Prosper will grant the indenture trustee a security interest in Prosper’s right to payment under, and all proceeds received by Prosper on, the corresponding borrower loans and in the bank account in which the borrower loan payments are deposited. The indenture trustee may exercise its legal rights to the collateral only if an event of default has occurred under the indenture, which would include Prosper becoming subject to a bankruptcy or similar proceeding. Only the indenture trustee, not the holders of the Notes, will have a secured claim to the above collateral. See “Risk Factors—Risks Related to Prosper, Our Platform and Our Ability to Service the Notes” for more information.
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