Another month has come and gone, with no action from Prosper to either sell or charge off non-performing loans.
I started lending in mid 2006 and did most of my bidding over the following 9 months. I stopped bidding altogether in September 2007. Lendingstats calculates my weighted average loan age at 516 days. In other words, I've got an old portfolio by Prosper standards.
As of August 31, 17 of the 99 active loans in my account were 4+ months past due.
The "dead money" in my account as a percentage of Prosper's calculated account value now stands at 29%. This percentage includes accrued interest for all 4+ late loans, most notoriously several which have not made a payment in over a year.
I just.... don't..... understand how Prosper can allow this situation to drag on without resolution. Prosper, we know you read here. Any update? Will you allow my dead money percentage to ultimately reach 100%, which without action on your part will happen in September 2010?