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[Mtnchick]

P-----r is completely different than CC companies or mortgage companies because IT'S NOT THEIR MONEY that they've loaned. Not a dime. This is the only credit type I can think of with this business structure. IOW, they have zero financial incentive to take anyone to court.

Actually, most of the mortgage market is run this way.  Only a small fraction of mortgages is held on the originator's books.

They have sold the loans to ONE company. For instance, when I first got my mortgage it was sold. Now THAT company holds the full amount. It wasn't sold to 300 people, it was sold to ONE company. These loans were never P-----r's to begin with. Comparing P-----r with CC companies, mortgage, car loan lenders, etc. is just silly, IMHO.

[Risk_Reward]

P-----r is completely different than CC companies or mortgage companies because IT'S NOT THEIR MONEY that they've loaned. Not a dime. This is the only credit type I can think of with this business structure. IOW, they have zero financial incentive to take anyone to court.

Actually, most of the mortgage market is run this way.  Only a small fraction of mortgages is held on the originator's books.

They have sold the loans to ONE company. For instance, when I first got my mortgage it was sold. Now THAT company holds the full amount. It wasn't sold to 300 people, it was sold to ONE company. These loans were never P-----r's to begin with. Comparing P-----r with CC companies, mortgage, car loan lenders, etc. is just silly, IMHO.

It could easily be owned by 300 people.  You only know who the servicer is, not who the owners are.

[Mtnchick]

It could easily be owned by 300 people.  You only know who the servicer is, not who the owners are.

Are you saying there are mortgage companies that operate on a P2P lending basis? Any links? I might be interested with collateral

[Risk_Reward]

It could easily be owned by 300 people.  You only know who the servicer is, not who the owners are.

Are you saying there are mortgage companies that operate on a P2P lending basis? Any links? I might be interested with collateral

http://www.ehow.com/how_2125486_buy-mortgagebacked-securities.html?ref=fuel&utm_source=yahoo&utm_medium=ssp&utm_campaign=yssp_art

[Mtnchick]

It could easily be owned by 300 people.  You only know who the servicer is, not who the owners are.

Are you saying there are mortgage companies that operate on a P2P lending basis? Any links? I might be interested with collateral

http://www.ehow.com/how_2125486_buy-mortgagebacked-securities.html?ref=fuel&utm_source=yahoo&utm_medium=ssp&utm_campaign=yssp_art

Not exactly what I would compare P------r to........

[Risk_Reward]

It could easily be owned by 300 people.  You only know who the servicer is, not who the owners are.

Are you saying there are mortgage companies that operate on a P2P lending basis? Any links? I might be interested with collateral

http://www.ehow.com/how_2125486_buy-mortgagebacked-securities.html?ref=fuel&utm_source=yahoo&utm_medium=ssp&utm_campaign=yssp_art

Not exactly what I would compare P------r to........

This is your quote

"P-----r is completely different than CC companies or mortgage companies because IT'S NOT THEIR MONEY that they've loaned. Not a dime. This is the only credit type I can think of with this business structure. IOW, they have zero financial incentive to take anyone to court. "

How do mortgage backed securities not fit?

[iLIE]

How do mortgage backed securities not fit?

I'll bite. A lot of those come with buyback provisions.

Almost all are public traded companies also,where bad results tend to lower stock prices.

[Risk_Reward]

How do mortgage backed securities not fit?

I'll bite. A lot of those come with buyback provisions.

Almost all are public traded companies also,where bad results tend to lower stock prices.

Prosper securities also come with buyback provisions and Prosper is held accountable by the VC.

[iLIE]

Yes but prosper is it's own police. It's public info when debt defaults on a security backed asset & who/when it's bought back.

[ira01]

How do mortgage backed securities not fit?

I'll bite. A lot of those come with buyback provisions.

Almost all are public traded companies also,where bad results tend to lower stock prices.

Prosper securities also come with buyback provisions and Prosper is held accountable by the VC.

Not really.  I believe that mortgage securities usually require the originating bank to buy back loans that default in the first 90 days, which would certainly be a nice guarantee to have from Prosper considering all the loans that fail to make the first, or second, or third payments.

[iLIE]

In my experience the companies have to buy it back in the first 6 months

[Mtnchick]

Not really.  I believe that mortgage securities usually require the originating bank to buy back loans that default in the first 90 days, which would certainly be a nice guarantee to have from Prosper considering all the loans that fail to make the first, or second, or third payments.

In my experience the companies have to buy it back in the first 6 months

Either way, not even close to being comparable to P-----r, IMO.

[iLIE]

Debt Sale Update

05/2/08 posted by Doug Fuller

I guess we are back in the dark..I'd like an update.

NO,i'd like mine sold!!

[iLIE]

Since Doug won't give an update,i will

Previously i stated that 6.5 million in loans were 4+ late & somewhere around 1167 loans.

THE UPDATE.

Today has $6,960,044 4+ late with 1249 loans.