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[bamalucky]

http://www.prosper.com/lend/performance.aspx

Defaults                 $6,453,776
Late (16-30 days)     $1,216,732
1-3 months late     $4,479,295
4+ months late      $7,064,792     
                          _____________
                               $19,214,595

[cash-is-king]

what percentage would that be?

[bamalucky]

142 million in loans originated but 10 million not old enough to make a payment so you cant count those.

According to my rough math thats around 15%....Anyone else here with more math skills than me?

[cash-is-king]

Don't need a degree to figure this one out.  15% does not bode well for prosper or it's lenders.  Nice way for scumbags to pick up some quick cash though!

[mjerryfirst]

The percent of my loans which are late is somewhat lower than the overall rate.

[ira01]

The percent of my loans which are late is somewhat lower than the overall rate.

Average loan age=106.5 days.  Just give it some time -- I was 100% current at 3.5 months too.

[mothandrust]

4+ months late      $7,064,792     

If the value drops to 4% of the principal in 120 days, using straight-line depreciation that comes out to these loans losing $56,515.94/day for 120 days.

During the 1 minute it took you to read this thread, Prosper loans lost $39 in value.

[DakotahFury]

4+ months late      $7,064,792     

If the value drops to 4% of the principal in 120 days, using straight-line depreciation that comes out to these loans losing $56,515.94/day for 120 days.

During the 1 minute it took you to read this thread, Prosper loans lost $39 in value.

How much value was lost during the time it took you to do all of that math? 

[barnacle1]

I was going to advise mjerry once again just how much we like him. But then, I remembered this is the lobby and I am not controversial.

PS I unignored you so that I would remember to lavish attention upon you. In a more conducive location of course!

[mothandrust]

The percent of my loans which are late is somewhat lower than the overall rate.

Average loan age=106.5 days.  Just give it some time -- I was 100% current at 3.5 months too.

All my loans (at the time) were current with an average loan age of 228 days on 12/4/2007. 

Of those then-current loans, 10 are now late (or worse) and 18 are current, so 1/3 of my portfolio went bad after being current for (at least) 5 months.

I have 3 loans from 2Millionaires, all are current.  I have one from CBS and it is late.

Let mjerryfirst boast while he can though and have some fun!

[mjerryfirst]

All my loans (at the time) were current with an average loan age of 228 days on 12/4/2007. 
Of those then-current loans, 10 are now late (or worse) and 18 are current, so 1/3 of my portfolio went bad after being current for (at least) 5 months.
I have 3 loans from 2Millionaires, all are current.  I have one from CBS and it is late.
Let mjerryfirst boast while he can though and have some fun!

Most of your lates are to borrowers who wanted money for business purposes.   I generally do not lend to such, unless I am convinced they can repay from income unrelated to the business.   One of your more amusing borrowers requested $25K for a Christian Mortgage Service.    Hopefully some deity will keep him current.   

[ira01]

All my loans (at the time) were current with an average loan age of 228 days on 12/4/2007. 
Of those then-current loans, 10 are now late (or worse) and 18 are current, so 1/3 of my portfolio went bad after being current for (at least) 5 months.
I have 3 loans from 2Millionaires, all are current.  I have one from CBS and it is late.
Let mjerryfirst boast while he can though and have some fun!

Most of your lates are to borrowers who wanted money for business purposes.   I generally do not lend to such, unless I am convinced they can repay from income unrelated to the business.   One of your more amusing borrowers requested $25K for a Christian Mortgage Service.    Hopefully some deity will keep him current.   

As I detailed in this thread here, many of your loans are pure crap, just waiting for the right time to default.  But at least reviewing that old thread was good for some entertainment value!

[mjerryfirst]

But at least reviewing that old thread was good for some entertainment value!

I am equally entertained and not at all surprised by the regular payments I have received for six or more months from each of these.   

Only one of the cited loans I view as a possible mistake.   All of the others provided answers to questions which indicated they are emerging from previous financial difficulties.

If these are collectively as bad as you mistakenly think they are, at least three should be late by now.   

[bamalucky]

A copy of mjerry's loans.Stolen from http://www.ericscc.com/lenders/mjerryfirst


Notice how he expects to outperform by bidding on loans that have current DQ(13%).All i wonder is how he expects them to pay him when they aren't paying the other people they owe.

[mjerryfirst]

The borrowers with current delinquencies through private answers to privately asked questions, have indicated to me, to my satisfaction, that either
(a) the delinquencies have been cleaned up, but still improperly remain on their credit reports.
(b) the delinquencies are errors.   Several of these borrowers have "current delinquencies" with zero balance

And as I  expected, all of the loans that you cite are all current!!

Successful loans are made to persons who are on a clear path to financial stability.