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[ira01]

As far as default sales goes, we're trying to standardize this process. Right now it's painfully manual. We'd like to be able to say "Every year quarter/month/whatever loans are sold.." but we're dealing with debt buyers whom we have no control over. I don't have much more information to give here other than to say it's really important to us and standardizing it is taking a lot longer than we'd hoped but it's critical that we succeed in this area.

-J.Witchel's 4/16/07 blog entry (since deleted)

Fixed.  Besides, he DID say "it is taking a lot longer than we'd hoped" -- so what do you want from his life??? 

[Staneslav]

a

[112233]

make sure don't take the back channel folks. 

[xraider]

I emailed Giedgowd.  Got no response.

On the off chance he's on vacation, I'll give him a few more days.  Then I'll send a certified demand letter. 

And, yes, if that does nothing, I'll start considering the next step.

Prosper, again, I know you read this.  Please provide us with honest, accurate updates.

The BS about others selling junk debt to make their quarterly numbers is just that.  Corporations may be on different fiscal years, and here we are in MAY now.  Sell our bad debt already.  You're our fiduciary.  You may become our defendant.

[Mtnchick]

I emailed Giedgowd.  Got no response.

On the off chance he's on vacation, I'll give him a few more days.  Then I'll send a certified demand letter. 

And, yes, if that does nothing, I'll start considering the next step.

Prosper, again, I know you read this.  Please provide us with honest, accurate updates.

The BS about others selling junk debt to make their quarterly numbers is just that.  Corporations may be on different fiscal years, and here we are in MAY now.  Sell our bad debt already.  You're our fiduciary.  You may become our defendant.

And our lawyers are smarter than their lawyers - 123456789 already proved that one

[112233]

I emailed Giedgowd.  Got no response.

On the off chance he's on vacation, I'll give him a few more days.  Then I'll send a certified demand letter. 

And, yes, if that does nothing, I'll start considering the next step.

Prosper, again, I know you read this.  Please provide us with honest, accurate updates.

The BS about others selling junk debt to make their quarterly numbers is just that.  Corporations may be on different fiscal years, and here we are in MAY now.  Sell our bad debt already.  You're our fiduciary.  You may become our defendant.

And our lawyers are smarter than their lawyers - 123456789 already proved that one

I wouldn't blame Gale. He is paid to litigate and makes money regardless of the outcome. He probably told Prosper the likely outcome and Witchel and company decided to go forward anyway.

[Mtnchick]

I emailed Giedgowd.  Got no response.

On the off chance he's on vacation, I'll give him a few more days.  Then I'll send a certified demand letter. 

And, yes, if that does nothing, I'll start considering the next step.

Prosper, again, I know you read this.  Please provide us with honest, accurate updates.

The BS about others selling junk debt to make their quarterly numbers is just that.  Corporations may be on different fiscal years, and here we are in MAY now.  Sell our bad debt already.  You're our fiduciary.  You may become our defendant.

And our lawyers are smarter than their lawyers - 123456789 already proved that one

I wouldn't blame Gale. He is paid to litigate and makes money regardless of the outcome. He probably told Prosper the likely outcome and Witchel and company decided to go forward anyway.

I was going by his recommendation to you to get the "prospersucks" (or whatever silly thing he said) domain Plus xraider and ira could beat him with both hands tied behind their backs! WWL!

[mothandrust]

The only drawback when they sell the loans is

BE prepared

It's gonna be a giveaway!

It's always a giveaway when there is only one buyer.

Prosper has rejected offers from lenders to buy the defaulted paper, so by denying a competitive bidding process we get the low monopsony price.

There is a very large overhang of 4+ month lates, and when they are put into official default status that will change the performance numbers drastically.

They need to massage the data so that they can still advertise a high return with some carefully-chosen criteria.

Some loans that are 4+ months late will need to remain in that status because they would damage the marketing efforts if they were defaulted.

Lucky for Prosper there are so many ways to cut and slice the data that there is always going to be some strategy or subset of data that will yield a 10% return (in hindsight). 

[xraider]

I give Gale credit for convincing Prosper not to sue.  It was a horrible misstep on Prosper's part, and now it's learned that in terrorum isn't necessarily the way to go.

However, I would like my 4+ lates sold off, and I would like a response from Giedgowd.

[iLIE]

No replies for me.Anyone else got any type of reply?

[NewHorizon]

No replies for me.Anyone else got any type of reply?

C'mon - you knew from the git-go that writing wouldn't get anywhere.  SOP these days @ Prosper.

[Fred93]

I called Prosper this morning & asked status of debt sale.  Cameron says they have the bids and are trying to wrap things up.  He didn't have a schedule, but it did sound like completion is imminent.

[xraider]

Let's hope so.  I'll give it another week, then.

To me, Prosper's fiduciary duty includes REPORTING!

[iLIE]

I see Doug Fuller is reading this topic as i type

FraudMan      07:15:33 PM     Viewing the topic I challenge every lender here!!.

Sell my 4+ lates ASAP!!!

[Fred93]

I called Prosper this morning & asked status of debt sale.  Cameron says they have the bids and are trying to wrap things up.  He didn't have a schedule, but it did sound like completion is imminent.

Cameron called back a few hours later to revise his answer & tell me to read the prosper blog.