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[mothandrust]

A lot of banks have trust departments and do the work for a fee (maybe 1%-2%/year of the value of the trust), but the trust assets are not up for grabs if the bank goes under.

My guess is the trustee would be WebBank and they would just escrow all the borrower payments until the bankruptcy court told them definitively how to divide up the pot amongst Prosper's creditors.

[God-Father]

I'm still back at wondering who the trustee is, who the loan servicing company is, and are they any healthier than Prosper?

http://www.prospers.org/forum/soooooo_is_there_really_a_third_party_loan_servicer-t16757.0.html

[NewHorizon]

Thanks, God-Father.

http://www.csc.com

[Xenon481]

Thanks, God-Father.

http://www.csc.com

This is the same company that sent me resumes of people that were completely and utterly false and when I scheduled an interview with one of them, they sent me a different person entirely.

[yankeefan]

Thanks, God-Father.

http://www.csc.com

This is the same company that sent me resumes of people that were completely and utterly false and when I scheduled an interview with one of them, they sent me a different person entirely.

That will be a perfect company to service these loans- none of our borrowers are who they say they are, either.

[NewHorizon]

I'm still back at wondering who the trustee is, who the loan servicing company is, and are they any healthier than Prosper?

Tiffany says trustee is Wells Fargo - the folks who hold Prosper lenders' FBO accounts.