Highlights:
Default rates will be lower than Experian data because of the social aspect of groups. (I never knew they really thought defaults would actually be lower, rather than much higher.)
A secondary market will be available by Jan. 07.
We'll be coming out with a group rating system.
A couple of people identified themselves at lenders (does anybody recognize audience members?) One of them asked for more credit data.
Lending to Katrina victims was apparently a big draw.
Applauded how great the lender community communication with each other and vetting was contributing to the process.
The danger of "blenders" was discussed (for newbies...thats borrowers who lend) but obviously the term had not yet been invented.
An astute lender tried to explain the problem with the platform that expects a borrower to feel the need to repay people who they never met and only know as a screen name.
Prosper Andrew correctly predicts that GLs who try get lots of borrowers to join their group for the purpose of growing a large group rather than being selective, will earn the disrespect of lenders.
And my very favorite....by Prosper Andrew...."We haven't had any defaults yet... if we have any..."