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this is better than selling to a jdb, no?
Quote from: 112233 on July 29, 2010, 09:19:17 pmthis is better than selling to a jdb, no?No, not really -- because the JDB sales included ALL the defaults, while the settlements involve only a tiny fraction of them. So while the lenders on the loans lucky enough to get a 20% or whatever settlement do better, all the rest of the lenders get stiffed. To say nothing of the fact that if Prosper is agreeing to wipe the credit report clean on the settlements, some borrowers who otherwise would have continued to pay as agreed ("strategic defaulters") may opt to pay 20% instead.
The contract *I* entered into with Prosper requires sales of defaulted loans to junk debt buyers. Not one of my defaulted loans was sold. Yet another Prosper breach.
Quote from: ira01 on July 29, 2010, 09:58:18 pmQuote from: 112233 on July 29, 2010, 09:19:17 pmthis is better than selling to a jdb, no?No, not really -- because the JDB sales included ALL the defaults, while the settlements involve only a tiny fraction of them. So while the lenders on the loans lucky enough to get a 20% or whatever settlement do better, all the rest of the lenders get stiffed. To say nothing of the fact that if Prosper is agreeing to wipe the credit report clean on the settlements, some borrowers who otherwise would have continued to pay as agreed ("strategic defaulters") may opt to pay 20% instead. you could do both. of course, you would have to do the settlements before you sell the loans.
July 29 observationQuoteCharge-offs $45,581,644 22.60% 9,718 28.43% Recoveries $1,678,867 0.83% Net charge-offs $43,902,778 21.77%
Charge-offs $45,581,644 22.60% 9,718 28.43% Recoveries $1,678,867 0.83% Net charge-offs $43,902,778 21.77%
Charge-offs $45,774,940 22.62% 9,791 28.50% Recoveries $1,664,002 0.82% $44,110,937 21.79%
Didn't MandM charge off months ago?? I was on that loan. Another deadbeat who vanished without a word, trading in on the .org love.
Charge-offs $43,189,136 21.28% 9,811 28.49% Recoveries $1,858,670 0.92% Net charge-offs $41,330,466 20.37%