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Author Topic: My chips are off the table - playing with the house money now  (Read 19849 times)

HollowOak

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My chips are off the table - playing with the house money now
« on: December 20, 2009, 11:18:59 am »

Despite my most recent late, Ive finally managed to get back every penny I transferred into Prosper. Subject, of course, to my next transfer going through.

After this, its the gravy train, baby!



Given that the stock market suffered an unprecedented downturn during my 3-year-and-some Prosper (mis)adventure, and that money market accounts were also in the doldrums for much of that, I think I did reasonably OK. If it wasnt for my "compassionate" lending I might have done better, but I still feel good about some of the loans I made to bad risks and NC borrowers.

Will I come back to Prosper when they re-open in Texas?

I think not. None of the reasons that caused me stop lending has been addressed. In addition, the new model makes it, IMHO, riskier, since, if my understanding of the prospectus is correct, my Prosper investment is not secured by loans anymore, but will be part of the whole Prosper liability/asset mess if Prosper becomes insolvent.

Im starting to consider LendingClub again. On the whole, I did pretty well there, even if it was a much smaller portfolio.


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xraider

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Re: My chips are off the table - playing with the house money now
« Reply #1 on: December 20, 2009, 01:49:28 pm »

Your portfolio actually doesnt look too bad!  Id take the money and run, though.

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Tokyo Joe

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Re: My chips are off the table - playing with the house money now
« Reply #2 on: December 20, 2009, 07:39:03 pm »

Im still $256.93 shy of getting every penny back, with $312.55 remaining on my active notes.  So, its gonna come down to the wire, although Im still hoping to wind up at least 0.01 in the green...

Insofar as my portfolio didnt flame out spectacularly (it was always more of a slow burn), I credit my dogged refusal to loan to E and HR (when I joined, they were the preferred borrowers), my avoidance of autofunded loans, and my decision to not loan to forum personalities.

Sometimes, I wish I could go back to the beginning and do it all differently.  But then I think what a dumb, useless wish that is...

I gotta admit, circa-2006 Prosper was fun while it lasted.  But no more p2p for me unless they re-think the whole approach to it.  And Prosper would have to be sold before Id consider making it my platform of choice again.  So, Ive filed the whole escapade under "goofy things I did when I was younger".
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Cushie

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Re: My chips are off the table - playing with the house money now
« Reply #3 on: December 20, 2009, 10:38:06 pm »

Stupid question - why didnt this start in another forum and then get voted into Lobby? 
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bamalucky

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Re: My chips are off the table - playing with the house money now
« Reply #4 on: December 20, 2009, 11:56:45 pm »

Stupid question - why didnt this start in another forum and then get voted into Lobby? 

Hes a mod. The original mod
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cowdiddly

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Re: My chips are off the table - playing with the house money now
« Reply #5 on: January 03, 2010, 07:35:32 pm »

Hollow Oak points out "I think not. None of the reasons that caused me stop lending has been addressed. In addition, the new model makes it, IMHO, riskier, since, if my understanding of the prospectus is correct, my Prosper investment is not secured by loans anymore, but will be part of the whole Prosper liability/asset mess if Prosper becomes insolvent."

Im starting to consider LendingClub again. On the whole, I did pretty well there, even if it was a much smaller portfolio.



[/quote] and...... Direct from prospers prospectus.
 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

Yep, this is the part that bugs me too.
« Last Edit: January 04, 2010, 06:10:57 pm by cowdiddly »
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nonattender

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Re: My chips are off the table - playing with the house money now
« Reply #6 on: January 09, 2013, 12:30:46 pm »

Despite my most recent late, Ive finally managed to get back every penny I transferred into Prosper. Subject, of course, to my next transfer going through.

After this, its the gravy train, baby!



Given that the stock market suffered an unprecedented downturn during my 3-year-and-some Prosper (mis)adventure, and that money market accounts were also in the doldrums for much of that, I think I did reasonably OK. If it wasnt for my "compassionate" lending I might have done better, but I still feel good about some of the loans I made to bad risks and NC borrowers.

Will I come back to Prosper when they re-open in Texas?

I think not. None of the reasons that caused me stop lending has been addressed. In addition, the new model makes it, IMHO, riskier, since, if my understanding of the prospectus is correct, my Prosper investment is not secured by loans anymore, but will be part of the whole Prosper liability/asset mess if Prosper becomes insolvent.

Well, HollowOak, my old friend, how would you now feel about coming back in?
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tmullin1217

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Re: My chips are off the table - playing with the house money now
« Reply #7 on: January 09, 2013, 07:36:56 pm »

Ill be joining the "Even Steven" club at the end of the month.
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TJGbank

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Re: My chips are off the table - playing with the house money now
« Reply #8 on: January 09, 2013, 08:13:42 pm »

Stupid question - why didnt this start in another forum and then get voted into Lobby? 

+1
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NewHorizon

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Re: My chips are off the table - playing with the house money now
« Reply #9 on: January 10, 2013, 06:24:10 am »

Stupid question - why didnt this start in another forum and then get voted into Lobby? 

+1

I suspect that the rules for nominating a thread to the Lobby werent yet in place.  (Cuz otherwise, this question wudda certainly been brought up back then!)
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Shenandoah

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Re: My chips are off the table - playing with the house money now
« Reply #10 on: January 10, 2013, 09:03:52 am »

Stupid question - why didnt this start in another forum and then get voted into Lobby? 

+1

I suspect that the rules for nominating a thread to the Lobby werent yet in place.  (Cuz otherwise, this question wudda certainly been brought up back then!)

If you look at the date/timestamp on cushies post, it WAS brought up back then.
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NewHorizon

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Re: My chips are off the table - playing with the house money now
« Reply #11 on: January 18, 2013, 10:01:23 am »

OK, well, this might be the answer, then, directly from HollowOak in a discussion about another unnominated HollowOak Lobby thread.
From a thread entitled Why is HO posting directly into the Lobby? ...

http://www.prospers.org/forum/sec_regulators_may_be_distracted_by_porn-t18629.0.html
Just curious...it doesnt seem like something that we would typically consider lobby-worthy.  ???

Because I can. :)

This farce of "nominate for the Lobby" is way out of control.  A number of us can post directly into the Lobby.

I, for one, am glad the ORG community was unswayed and proceeded to stick to the "nominate" policy.
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tmullin1217

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Re: My chips are off the table - playing with the house money now
« Reply #12 on: January 24, 2013, 05:53:04 pm »

Even-Steven.  ;D

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tmullin1217

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Re: My chips are off the table - playing with the house money now
« Reply #13 on: March 09, 2013, 08:11:04 am »

In the black, and in the pink.  ;D

A borrower posted a payment, putting that loan in the plus column. Four payments to go.

A default posted another recovery, inching closer to the goal line.

+ $150 on this 5-year voyage.
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tmullin1217

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Re: My chips are off the table - playing with the house money now
« Reply #14 on: March 21, 2013, 11:11:07 am »

Another pleasant surprise.

Borrower vennp posted a rather large manual payment. Once it clears, I will be in the black on this loan.

Thanks again.
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