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Be a buyer

11 (15.3%)

Be a seller

10 (13.9%)

Be an active trader (seller and buyer)

10 (13.9%)

Be undecided

26 (36.1%)

Not take part (WGAF)

15 (20.8%)

Total Members Voted: 69

[Nontyper]

I will be buying.   Even if the manipulation takes place, it will not take place on current loans, those should be available at a premium from everyone that I see counting down the days until they can get out..

[Cheerful_Lender]

Actually I will suspend lending entirely, since there will be so many new ways to scam the secondary market.

Borrow $25K, let it miss a few payments, and then a family member or friend buy up the deliquent loan shares at pennies on the dollar.  Bring it current again, pay it off, pocket the difference, repeat.

I am not Saving All My Lending Cash for someone like that.

That would require that the lenders put the loan up for sale.  Most lenders will not be willing to settle for pennies on the dollar after a loan goes late, and I doubt most lenders will use the secondary market at all.  For the $25k scam you mentioned to work, a large portion of the loan would have to be for sale at pennies on the dollar (I don't see that happening).

[dlv1945]

I'm planning to sell my one remaining loan at a premium. It's an AA at 12.94% that's made 11 payments with no problems.

[cowdog]

I will gladly take best offer and run away as fast as possible.

 

[patio11]

I think there will be many lenders using pennies-on-the-dollar sales to liquidate their existing portfolios and escape Prosper entirely, mostly not the larger lenders who were soured on Prosper, but the $250 tire-kickers who have realized it is a lot of work for a product which is not obviously better than their favorite money market account.  I think that many of them will be selling at significantly below market just to clear their actual and mental books.  And I intend to help them out on their journey to a simplified financial existence

[mothandrust]

For the $25k scam you mentioned to work, a large portion of the loan would have to be for sale at pennies on the dollar (I don't see that happening).

How many pennies?  If you're looking at the prospect of getting 10-20 cents on the dollar in collections (if that) and you could sell for 60 cents on the dollar, I think a lot of lenders would do that.

If 50% of the lenders sell their $12500 stake in the loan for 60 cents on the dollar ($7500), the borrower pockets $5000.  Very possible and very tempting.

And who's to say that it's a "scam" anyway?  Good luck proving that.

The borrower will say he hit a rough patch financially and couldn't pay for a while, then got some good luck and was able to pay off the loan.

The guy who buys at 60 cents on the dollar, when confronted, admits to being a friend of the borrower, but says he only bought the loan because he knows his friend is an honest, hard-working guy that would catch up and denys that they are in cahoots.

[TheGrey]

I'm not lending on Prosper anymore, but I could considering investing in the secondary market at the right price.

I like the idea that the loans will have less then three years left, so there is a greater likelyhood that they will make it through a complete payoff before Prosper shuts down.

[112233]

I wonder if banned members will be able to take part in the secondary market.

[ira01]

I wonder if banned members will be able to take part in the secondary market.

I doubt it -- there are very few things I can still do, other than review my portfolio and transfer money out.  I suppose Prosper could choose to allow banned members to sell on the secondary market on the theory of "good riddance," but I still doubt it. 

[Staneslav]

a

[ks6328]

I wonder if banned members will be able to take part in the secondary market.

I doubt it -- there are very few things I can still do, other than review my portfolio and transfer money out.  I suppose Prosper could choose to allow banned members to sell on the secondary market on the theory of "good riddance," but I still doubt it. 

That's why I've been keeping a low profile on the .com website.  I don't want to do anything that would impede my bailing out of Prosper once the secondary market is available.

I'll have to give some thought about what I might want to do with my member description between the time that all of my loans are sold/paid/defaulted and all cash transferred out, and the time that I request Prosper to terminate my account (which probably won't be until a year after I file my last taxes with Prosper activity).   
 

[RateLadder_com]

I wonder if banned members will be able to take part in the secondary market.

I doubt it -- there are very few things I can still do, other than review my portfolio and transfer money out.  I suppose Prosper could choose to allow banned members to sell on the secondary market on the theory of "good riddance," but I still doubt it. 

That's why I've been keeping a low profile on the .com website.  I don't want to do anything that would impede my bailing out of Prosper once the secondary market is available.

I'll have to give some thought about what I might want to do with my member description between the time that all of my loans are sold/paid/defaulted and all cash transferred out, and the time that I request Prosper to terminate my account (which probably won't be until a year after I file my last taxes with Prosper activity).   
 

I haven't had any trouble.  I registered them with godaddy and used private registration.   I sold a couple and the transfer was easy.

[Mtnchick]

I wonder if banned members will be able to take part in the secondary market.

I doubt it -- there are very few things I can still do, other than review my portfolio and transfer money out.  I suppose Prosper could choose to allow banned members to sell on the secondary market on the theory of "good riddance," but I still doubt it. 

That's why I've been keeping a low profile on the .com website.  I don't want to do anything that would impede my bailing out of Prosper once the secondary market is available.

I'll have to give some thought about what I might want to do with my member description between the time that all of my loans are sold/paid/defaulted and all cash transferred out, and the time that I request Prosper to terminate my account (which probably won't be until a year after I file my last taxes with Prosper activity).   
 

I haven't had any trouble.  I registered them with godaddy and used private registration.   I sold a couple and the transfer was easy.

Huh?

[ks6328]

I wonder if banned members will be able to take part in the secondary market.

I doubt it -- there are very few things I can still do, other than review my portfolio and transfer money out.  I suppose Prosper could choose to allow banned members to sell on the secondary market on the theory of "good riddance," but I still doubt it. 

That's why I've been keeping a low profile on the .com website.  I don't want to do anything that would impede my bailing out of Prosper once the secondary market is available.

I'll have to give some thought about what I might want to do with my member description between the time that all of my loans are sold/paid/defaulted and all cash transferred out, and the time that I request Prosper to terminate my account (which probably won't be until a year after I file my last taxes with Prosper activity).   
 

I haven't had any trouble.  I registered them with godaddy and used private registration.   I sold a couple and the transfer was easy.

Huh?

It appears that RL was attempting to respond to a post of mine about using a privacy-protection domain registration service, but responded to the wrong post.

I have him on ignore and don't care what he thinks of my views on domain registration, the secondary market, or anything else. 
 

[GLeaderAccountantsChoice]

With an auction style format, I wonder if we're going to see tons of loans for sale at "just above minimum."  Now lenders can join the ranks of those certain special borrowers with multiple listings for the same darn loan...