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[ira01]

1 repurchase in 9 months?!  Is that really the number?!?! 

Yep, that's the number (remember that the dates are the origination date of the loan, not the repurchase date, since the repurchase date is not available on Eric's or LS) -- http://www.lendingstats.com/loans?keyword=&dtiLow=0&dtiHigh=-1&loanAmountLow=0&loanAmountHigh=25000&_ros=13&startDate=2005-11-01&endDate=2008-05-07&accountVerified=&homeOwner=&automaticFunding=&submit=Generate&sort=originationTime&sortDirection=DESC

If that's true then they must be seriously strapped for cash.

I doubt it.  I think they just don't see any good reason to be pro-active about finding ID-theft loans, especially since shit-storms like the Leporello ID-theft loan one cannot now breakout on their fauxrum.  Moreover, I think that a lot if ID-theft loans simply don't get discovered now, because of Prosper's hiding of PII and the lack of a real forum there for lenders to collaborate on in ferretting out the fraud. 

Clearly, Prosper's "crack team of fraud investigators" (or whatever bogus term Shira used) is falling down on the job, since I think there is about a 0.0000000001% chance that there has only been 1 ID-theft loan originated since 8/2/07 (a period encompassing 40% of Prosper's lifetime loan originations).  That means that lenders on these real (but unacknowledged by Prosper) ID-theft loans are getting screwed out of all their money owed to them under the gurantee in the Lending Agreement.  But absent the discovery that would come from a lawsuit, we'll never know just which loans, and which lenders, are effected.

[mothandrust]

So Prosper only winds up with an egg on their face if we can find a bad loan that never made a payment where we have enough PII to track down the borrower.

We find the name of the borrower, contact him, and he's never heard of Prosper and what's this about a 6+ month delinquent loan.

Prosper's guarantee would therefore only extend to high-PII loans and the fraud department exists basically to make sure lenders don't embarass the company. 

Ah, so that's why it's called the fraud department.

[Xenon481]

We are at 10.5 months now with only a single ID-Theft repurchase.

[Tiptopper]

Anybody up for a shit storm? I'm on #24564 Drafthorse out of Maryland, building a barn, zip zero nada, no return of e-mail from prosper
     I'm quite willing to spend a week in S.F.
       Doing whatever it takes to embarrass Those who have Wronged Me!!!!
         A little time on local tv
           may be Gorilla Theater (I'll rent a suit)

[Xenon481]

           may be Gorilla Theater (I'll rent a suit)

Make sure that it is a Red Gorilla suit.

[Tiptopper]

     Do they come in 56 long?
d

[cowdog]

I'm no attorney, but I'd say push for discovery, and don't forget RICO... one might be able to show a conspiracy: removing pii, shutting down forums, C&Ds against websites, removal of links to .org, and many many many other actions, which might be pieced together to show pattern and intent.

[beerbud1]

I'm no attorney, but I'd say push for discovery, and don't forget RICO... one might be able to show a conspiracy: removing pii, shutting down forums, C&Ds against websites, removal of links to .org, and many many many other actions, which might be pieced together to show pattern and intent.

xraider and ira01, any thoughts on this quote?

[xraider]

The obvious one.... I'm not aware of any lawsuits against Prosper.  (Sorry..... small lawyer joke....)

In all seriousness, Tiptopper, why do you think the loan is identity theft?  Could you please post the listing number (I assume you posted the loan number), and explain why you think there's identity theft?

CD, the problem with RICO is you have to show a conspiracy (ok, an "enterprise") between Prosper and someone else.  Who do you think forms the enterprise with Prosper?  Bad borrowers are likely unwitting beneficiaries but I'm not aware of a coconspirator.  Here's a long but interesting article on RICO: http://www.ricoact.com/ricoact/nutshell.asp#defendant

[Tiptopper]

             listing  #255705 passing 5mo. w/nothing, contacted Group Leader 'carpediem' as my group leader advised, no joy, tryed Prosper, no response
I fully expected to take some hits, and have, Seriously miscalculated the effects of the deregulation of the mortgage market, should have seen it coming
as I was around for the Savings and Loan deregulation nightmare.
       Not in my nature to take without giving in return. Spent my working life giving those who engaged me my full attention and best work regardless of money or time. Every Dollar I forked over was well salted with sweat. (ok. I'll cut the Sermon) turn in your Hymnals to #38, "Jesus on the Temple steps"
d   

[ira01]

Because of Fred93's latest late loan chart update -- http://www.prospers.org/forum/fred93_blog_050109_late_loan_stats_update-t13423.0.html;msg227747#msg227747 -- and his commentary on loan "unoriginations," I thought it was time to update this thread. 

Lo and behold, Prosper has apparently repurchased ONE additional loan in the last few months -- Listing #406054, originated on October 7, 2008.  That brings them up to a grand total of 57.  Only TWO of those 57 were originated after August 1, 2007.  Thus, in about 15 months of loan origination, during which time Prosper originated somewhere around half of their total loans, only TWO have been repurchased (presumably for ID-theft).  So does anyone here believe that there were really only two ID-theft loans originated after August 1, 2007?  Of course, we know of at least one case in which Prosper refused to abide by its so-called "100% ID-Theft Guarantee" and repurchase a loan even after the "borrower" filed documents in FEDERAL COURT describing how his then-wife was the real borrower who took out the Prosper loan WITHOUT his knowedge or consent (i.e., "identity theft").  So if filing documents in federal court specifically identifying the perpetrator of an id-theft and describing how it was done is insufficient to trigger Prosper's supposed "100% guarantee," then it is little wonder that that "guarantee" -- like so much about Prosper -- has turned out to be worthless.

[Xenon481]

Because of Fred93's latest late loan chart update -- http://www.prospers.org/forum/fred93_blog_050109_late_loan_stats_update-t13423.0.html;msg227747#msg227747 -- and his commentary on loan "unoriginations," I thought it was time to update this thread. 

Lo and behold, Prosper has apparently repurchased ONE additional loan in the last few months -- Listing #406054, originated on October 7, 2008.  That brings them up to a grand total of 57.  Only TWO of those 57 were originated after August 1, 2007.  Thus, in about 15 months of loan origination, during which time Prosper originated somewhere around half of their total loans, only TWO have been repurchased (presumably for ID-theft).  So does anyone here believe that there were really only two ID-theft loans originated after August 1, 2007?  Of course, we know of at least one case in which Prosper refused to abide by its so-called "100% ID-Theft Guarantee" and repurchase a loan even after the "borrower" filed documents in FEDERAL COURT describing how his then-wife was the real borrower who took out the Prosper loan WITHOUT his knowedge or consent (i.e., "identity theft").  So if filing documents in federal court specifically identifying the perpetrator of an id-theft and describing how it was done is insufficient to trigger Prosper's supposed "100% guarantee," then it is little wonder that that "guarantee" -- like so much about Prosper -- has turned out to be worthless.

Not only did that case not trigger Prosper's 100% guarantee, but it was also the impetus for Prosper to flat out LIE multiple times in official documents to the FEDERAL COURT about how it (falsely) operates.  Prosper took that opportunity to throw us "lenders" into really hot water by stating that Prosper did not make any loans and that they were merely a facilitator for us "lenders" to actually make unlawful unlicensed loans directly to the borrowers.

[christoofar215]

With the new below-sub-prime auto loans for 15 year old junked cars via a 3rd party...


I see Prosper has gone out of its way to protect ID.... the ID of the con-artists borrowers.

[ira01]

With the new below-sub-prime auto loans for 15 year old junked cars via a 3rd party...

I see Prosper has gone out of its way to protect ID.... the ID of the con-artists borrowers.

Exactly.  I continue to believe -- as I stated back then -- that Prosper's primary motivation for scrubbing all borrower PII from the site and from their forums was to prevent lenders from discovering identity-theft and forcing Prosper to repurchase loans under its so-called "guarantee," which happened numerous times before Prosper was successful in eliminating nearly all borrower PII.  It seems clear to me that identity theft did not go away -- only lenders' ability to discover it and hold Prosper responsible went away.