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[Cushie]

Specifically, a lender, Ernest Nichols who has 60 loans and only two lates since he started lending in the spring.  Anyone know who that is?  He's also a mortgage broker. 

http://www.contracostatimes.com/business/ci_8026758?nclick_check=1

[Tokyo Joe]

Stupid reporters are so lame.  Whatever happened to real journalism?

I didn't bother registering to read the article, but just from your description, I know I've already read plenty like it.

What is the use of writing the 1000th puff piece on Prosper?  "It's so radical and cool!  You lend money, and people pay you back.  And there are almost no defaults!!"

Some day, some smart reporter is going to take a contrarian approach and write an article that stands out among the 1000's.  The gist of it could be "It seemed so radical and cool...  I was so sold on it, I took out a HELOC to lend!  Then the defaults, one after another after another...  Now, I'm down almost a quarter of a million dollars, and I still have to pay back my HELOC.  I can't even gripe about it, because Prosper yanked its forums and has been firing off legal letters at people.

That would be a story that catches people's attention.

I wonder how many lenders borrowed money from credit cards and other unwise sources to lend, and then lost what they borrowed?  I know there's at least a few...

I used to freelance a lot of magazine/newspaper pieces, but I stopped because the pay is usually chicken's food.  But all I need to see is one more puff piece, and I guess I may just have to dust off my old copy of Writer's Market.

[pioneer11]

On average, lenders can realize a return of from 8.5 percent to 11.5 percent on money lent.