My Prosper.com experience

It was a close race with several months in competition

to see which month would hit 30% Delinquent first but April 2006 won by a nose.

http://www.lendingstats.com/loansFunded

How is that possible you ask?

There are a lot of loans on PMI that never make the first payment.Seems like long ago & far away since I heard anyone mention PMI buying a loan back due to fraud.

http://www.prosper.com/lend/listing.aspx?listingID=287178

 http://www.prosper.com/lend/listing.aspx?listingID=281004

Who is to blame?I'll try to break it down into percentages of my opinion.

Parents 20% :Monkey see monkey do

Government 20% : Got welfare? We do.

Education 30% : Should be a 4 year required high school course on household finance. 

Television 30% : Keeping up with the Jones is for suckers.Reality TV,bubblegum pop,rap,video games have created a nation of mindless drones.

What happened to people who were proud to be called "hard worker"? Parents,stop living vicariously through your kids!

People who flip houses now flip hamburgers.Stop being sheeple & decide what you want because you want it,not because your neighbor has one! 

Are we doomed in the USA regarding fiscal responsibility? 

I read http://www.prospers.org/ daily & I often ponder how some of
these lenders ever got money to make stupid loans to begin with.

Propser Marketplace Inc is a sad sack of a place regarding hopeless people,scammers,failed business owners,& a few good ones thrown in at just numerous enough to keep lenders trying.

I relate this to grocery stores(loss leaders)Get you in the store for a 24 pk of Coca Cola for $3.99 knowing full well you will buy something else to make up for it.

This didn't turn into the post i was trying to make.I'll gather my thoughts later & try to post some thoughts on finance & humanity. 

Is your idle cash safe at Prosper? If Prosper Marketplace Inc has to shut down like lendingclub.com did,will your idle cash be safe? I log in daily & transfer if i have enough.

Prosper says our money is in FDIC insured individual accounts & they would never lie would they?

They once told us that if a lender ever went late on his/her own loan they would find a way to put his lender account toward paying his borrower account. Fool me once,shame on you.Fool me twice shame on me.

I'd also like to point out that All unsecured loans are at the bottom in a Bankruptcy.