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[leporello]

Prosper's defaults thus far are the following:

Code: [Select]

Default Type       # of Loans           $ Value
Bankruptcy             54               300,651
Delinquency           1355            5,813,552
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TOTAL                  1409           6,114,203

I thought it would be interesting, now that the LoanPerformance table reveals such nuggets of wisdom, to try to figure out how many of these never paid down one penny of principal.

According to my analysis, there are 170 such zero-pay deadbeats (they might have paid some late fees or interest, but no principal), and, interestingly, they are all DQ defaults, and not BK defaults.

Total dollar value of zero-pay defaults = $626,743, a bit over 10% of the total default volume.

In case anyone is wondering, I calculated the total principal payments made for all defaulted loans to be $501,424.26.

I'd really like to see someone else do this analysis using the LoanPerformance object to independently validate my numbers, because I'm hardly positive my methodology is correct.

[ira01]

I thought it would be interesting, now that the LoanPerformance table reveals such nuggets of wisdom, to try to figure out how many of these never paid down one penny of principal.

According to my analysis, there are 170 such zero-pay deadbeats (they might have paid some late fees or interest, but no principal), and, interestingly, they are all DQ defaults, and not BK defaults.

I would sure like to know what "special scrutiny" Prosper gave these 170 loans, considering that virtually all of them were no doubt fraudulent (taken with no intention of repayment), if not ID-thefts.  An excellent area for discovery, should litigation commence against Prosper.

As for the fact that all of the zero-pay deadbeats were DQ defaults, not BK, I guess borrowers figure it is too suspicious to declare BK within a month of taking out a Prosper loan.  Can you figure out how many BK defaults made 1 or 2 payments?  I believe that those are presumptively non-dischargeable as well (although I am not sure, I think there is a 90 day window for such things -- one of these days I am going to look that up).

[bamalucky]

My only late is a borrower who never made 1 payment..24k loan which i'm on for 1k.

It may not be in your stats since it's only 2 months since origination

[ira01]

My only late is a borrower who never made 1 payment..24k loan which i'm on for 1k.

It may not be in your stats since it's only 2 months since origination

Yeah, I'm on that one too (only for a snickers though), thanks to your pimping!  I'm still hoping it was ID-theft and Prosper buys it back.  I would really like to know what "special scrutiny" Prosper is giving that loan, since it is obvious there was fraud involved.  $24K "B" borrower who can't make the 1st payment?  BS.

[bamalucky]

Was a good listing & he even came to IRC & talked a while..Deadbeats will jump through any hoops & tell many lies to get funded.

[leporello]

Can you figure out how many BK defaults made 1 or 2 payments?  I believe that those are presumptively non-dischargeable as well (although I am not sure, I think there is a 90 day window for such things -- one of these days I am going to look that up).

Assuming my original methodology is correct, it looks like about 15 of the 54 BK Defaults made at most 2 payments, but keep in mind that that's principal payments. It would be a lot more involved to figure out which of these turkeys made fewer than two payments of any kind.