My Prosper.com experience

Thats right..The new 4+ late unsold default total is up to $7,900,129 with 1402 loans now qualifying to be sold to a junk debt buyer only Prosper won't sell them or reflect this number in the misleading advertising it does.

Thats over 14% of every loan made on PMI is now classified as default.

Don't panic just yet though in fear that if they sell these 1402 loans that this will rid us of all the late loans because there is 815 loans 1-3 months late & 221 that are 16-30 days late.

But don't take my word for it,just click on prosper's own website

http://www.prosper.com/lend/performance.aspx

For those of you still lending i hope you didn't bid on this gem.

http://www.lendingstats.com/listings/300677

Yep it's already late.Barely old enough to qualify as a loan has to be 45 days old to qualify to show up as late. 

Just 9 days ago i blogged that  45 loans were late in 2008.

Well the number has now risen to 66 in just 9 days.

Don't take my word for it.See for yourself

http://www.prosper.com/lend/performance.aspx?af=0&esba=63&gm=0&gr=0%2c1%2c2%2c3%2c4%2c5&hw=0&iba=255&ibid=0&iwatch=0&lc=0%2c1%2c2%2c3%2c4%2c5%2c6%2c7&lq=&maxAmt=25000&maxDTI=1000000&maxFund=1&maxGrpTLC=1000000&minA=0&minAA=0&minAmt=0&minB=0&minC=0&minD=0&minDTI=0&minE=0&minFund=0&minGrpTLC=0&minHR=0&minNC=0&occ=&od=05%2f21%2f2008&oer=05%2f21%2f2008&osr=01%2f01%2f2008&plcgd=&plp=0&sf=10&sh=0&sn=&tg=0 

That's right,it's up to $7,223,621 now.

1,287 loans.

Never fear.Theres plenty more lates in the pipeline.Almost 6 million in late-3 months late.

But you can't advertise great lender rates if you add all these into the performance calculation. 

Yes,thats no typo.There are 3718 loans that are late .

http://www.lendingstats.com/loans?_los=1&_los=2&_los=3&_los=12&_los=13&_los=14&_ros=4&_ros=5&_ros=6&_ros=7&_ros=8&_ros=9&_ros=10&_ros=11&_ls=1&_ls=2&_ls=3&_ls=4&_ls=5&_ls=6&_ls=7&_ls=8

All the loans.

 http://www.lendingstats.com/loans

If you ever thought about trusting the performance page on PMI,ask yourself why there are $7 million in 4+ lates not in their equation?

Did you see the Prosper advertisements.I wonder what that would do to those cherrypicked statistics if they had to default the $7 million in loans that are supposed to be there.