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[ira01]

Andrew is actually begging people now.He's giving out the key tips to turd polishing.

Or, just perhaps, Andrew is just explaining how Prosper is supposed to work? sheesh, bama...

I suppose that it was just "explaining how Prosper is supposed to work" when Prosper added guidance to borrowers that asking for $25K was a red flag to lenders, and that they should just ask for $24K instead?  Since the mere 4% difference in monthly payments of a $24K loan versus a $25K one is highly unlikely to make such a loan safer for lenders, providing this advice to borrowers can only serve to increase lenders' risk. 

They could also just "explain how Prosper is supposed to work" for lenders by linking to your 9.48% ROI calculated on Lending Stats:  http://www.lendingstats.com/lenders/ira01

Yeah, I have been pretty happy about that.    Unfortunately, that will go down when my two 4-month lates are sold off in the upcoming debt sale (which will be unfortunate since one of them just made more than a monthly payment a few weeks ago), as my two 3-month lates get sold off in the following debt sale, and as my Late (which has been making smaller and smaller and later and later payments for months) eventually slides into default.  And that isn't even considering the fact that I'm certain some of my current loans will also go sour, notwithstanding more than 6 months or 12 months of payments so far.  In any event, even if my Prosper experiment does end in another 2.5 years with a 9.48% ROI, which is just a hair under then 10% that I hoped for initially, that wouldn't change the fact that I don't want to do business with a business that is so incompetent and ethically challenged.

[112233]

is prosper focusing on the newlywed these days?
http://blog.prosper.com/2008/05/20/affordable-wedding-finance-with-personal-lending/
http://blog.prosper.com/2008/05/19/buying-a-diamond-should-you-finance-the-love-of-your-life/

also, chimps are such smart alecks

The author of this piece was not fully recongnized for their work.

Certainly the Prosper Blog does not write itself?

http://blog.prosper.com/2008/05/20/affordable-wedding-finance-with-personal-lending/#comments

[112233]

another wedding post
http://blog.prosper.com/2008/05/23/borrowing-from-family-or-friends-for-weddings/

[cowdog]

Whoever is thinking of suing Prosper in the future should save that blog post, it says in part:

Prosper specializes in person-to-person loans.  Anyone can be a lender at Prosper.  The loans do originate from Prosper via WebBank; however, individuals actually purchase the loans from Prosper when they bid on the borrowers’ prospective loan requests.

Is this a further wrinkle? Webbank originates the loan, and I would think owns them, but Prosper resells them? I thought they weren't loans, I thought they were notes.

Well, Im no legal type, nor do I much care with a loan value <$100 now, just pointing it out is all.

[cowdog]

If I own the loan, I want title to my portion of the loan, therefore I could institute my own collections.

[Mark12547]

If I own the loan, I want title to my portion of the loan, therefore I could institute my own collections.

Well, if we own the loans, but Prosper still has control of the loans, do we really own the loans, or are we lenders to Prosper with our loans secured by the loans we had bid on? The difference becomes crucial to "lenders" (loan purchasers) if Prosper should go into bankruptcy or even tries an orderly shutdown.

[Mtnchick]

Good grief, I just read it because I'm waiting for an email and dang if the 3 of the last 4 "blog posts" aren't about borrowing for a wedding!

As many times as we tried to talk people out of that in .com and then P------r goes and talks about how great it is in their blog.

Between this and the 10 competing listings on every borrower's listing page, they are truly grabbing at straws.

[Urbi_et_Orbi]

If I own the loan, I want title to my portion of the loan, therefore I could institute my own collections.

Well, if we own the loans, but Prosper still has control of the loans, do we really own the loans, or are we lenders to Prosper with our loans secured by the loans we had bid on? The difference becomes crucial to "lenders" (loan purchasers) if Prosper should go into bankruptcy or even tries an orderly shutdown.

The SEC filing for the secondary market suggested that Prosper had set up some type of "shadow entity" which would be activated to service our loans in the event the company went under.  This entity would be staffed by some current Prosper employees.

The filing also warned that this shadow entity may or may not be able to actually service the loans.

Isn't it time lenders demanded some additional insight into Prosper setting up a separate legal entity, staffed by Prosper employees to service our loans in the event of platform failure?

[Tokyo Joe]

If I own the loan, I want title to my portion of the loan, therefore I could institute my own collections.

Well, if we own the loans, but Prosper still has control of the loans, do we really own the loans, or are we lenders to Prosper with our loans secured by the loans we had bid on? The difference becomes crucial to "lenders" (loan purchasers) if Prosper should go into bankruptcy or even tries an orderly shutdown.

The SEC filing for the secondary market suggested that Prosper had set up some type of "shadow entity" which would be activated to service our loans in the event the company went under.  This entity would be staffed by some current Prosper employees.

The filing also warned that this shadow entity may or may not be able to actually service the loans.

Isn't it time lenders demanded some additional insight into Prosper setting up a separate legal entity, staffed by Prosper employees to service our loans in the event of platform failure?

I've said all along that there's now way this loan servicing entity will get off the ground without a hitch...  Is there any track record at all that suggests it will go well?  Does Prosper and its employees have any incentive to make sure it goes well?

I hope it never comes down to that, because I think there's going to be a lot of lenders who very suddenly lose a lot of money...  I hope I'm wrong...

[Senator]

Isn't it time lenders demanded some...

Have lender's demands ever been taken seriously?

[xraider]

Isn't it time lenders demanded some...

Have lender's demands ever been taken seriously?

I can think of a couple of times when lenders' concerns were taken seriously.

Once, about a year ago, a lender named Leporello was very angry about Prosper's failure to repurchase a clear identity theft loan.  Prosper ultimately did repurchase it.

In October, 2007, Prosper snuck changed into the LRA.  I advised (on the now nuked UNMODERATED Prosper.com forum) that changes were not binding without notice to lenders.  Prosper almost immediately sent out a redlined version of the LRA, pointing out the differences.

I can't point to any other instances where the concerns were taken seriously instead of Prosper just giving us window dressing.

[112233]

Good grief, I just read it because I'm waiting for an email and dang if the 3 of the last 4 "blog posts" aren't about borrowing for a wedding!

As many times as we tried to talk people out of that in .com and then P------r goes and talks about how great it is in their blog.

Between this and the 10 competing listings on every borrower's listing page, they are truly grabbing at straws.

yesterday's blog post
http://blog.prosper.com/2008/05/26/dealing-with-the-financial-strain-of-weddings/

[Mtnchick]

Good grief, I just read it because I'm waiting for an email and dang if the 3 of the last 4 "blog posts" aren't about borrowing for a wedding!

As many times as we tried to talk people out of that in .com and then P------r goes and talks about how great it is in their blog.

Between this and the 10 competing listings on every borrower's listing page, they are truly grabbing at straws.

yesterday's blog post
http://blog.prosper.com/2008/05/26/dealing-with-the-financial-strain-of-weddings/

O...M...G....

I know WHY it's being done but it's so truly pathetic.

[112233]

Good grief, I just read it because I'm waiting for an email and dang if the 3 of the last 4 "blog posts" aren't about borrowing for a wedding!

As many times as we tried to talk people out of that in .com and then P------r goes and talks about how great it is in their blog.

Between this and the 10 competing listings on every borrower's listing page, they are truly grabbing at straws.

yesterday's blog post
http://blog.prosper.com/2008/05/26/dealing-with-the-financial-strain-of-weddings/

O...M...G....

I know WHY it's being done but it's so truly pathetic.

june is the big wedding month, no?

[Mtnchick]

Good grief, I just read it because I'm waiting for an email and dang if the 3 of the last 4 "blog posts" aren't about borrowing for a wedding!

As many times as we tried to talk people out of that in .com and then P------r goes and talks about how great it is in their blog.

Between this and the 10 competing listings on every borrower's listing page, they are truly grabbing at straws.

yesterday's blog post
http://blog.prosper.com/2008/05/26/dealing-with-the-financial-strain-of-weddings/

O...M...G....

I know WHY it's being done but it's so truly pathetic.

june is the big wedding month, no?

Yep.

Someone needs to find all the late and defaulted loans for weddings (I know I have at least one that's just patiently waiting for the JDB sale) and blog that too