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Author Topic: Q & A with Doug Fuller, Prosper’s Vice President of Operations  (Read 37611 times)

biblio1

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #30 on: October 08, 2007, 07:38:11 pm »

I think an update once a quarter is too infrequent.
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DebInVenice

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #31 on: October 08, 2007, 08:25:54 pm »

I've got a 3+ month late from my state of CA. I'll be watching to see if it becomes part of the lawsuit test. It's a single mom loan so it probably falls in the "blood from a stone" category but I'll watch and wait anyway.

Maybe we should compile a list of loans that might be good candidates that we can track. I'd show up in court if I were free that day just to see the process.
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John Witchel, CTO of Prosper.com, member of Prospers.org since April 4, 2007
Andrew Martinez Fonts, Product Manager of Prosper.com, member of Prospers.org since May 1, 2007
Kevin Gillett,  Editor-in-Chief of the Blog at Prosper.com, member of Prospers.org since February 19, 2007

112233

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #32 on: October 08, 2007, 08:28:04 pm »

shira/doug said all the uncalled late borrowers in the thread were actually called. who to believe?

biblio1

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #33 on: October 08, 2007, 08:30:20 pm »

I think they were all called at home when they were at work.  *biblio1 reads phone logs:  12:03, 12:04, 12:05 ...
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Urbi_et_Orbi

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #34 on: October 08, 2007, 08:53:11 pm »

Do they leave a message when they call?

freedomseeker

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #35 on: October 08, 2007, 09:09:18 pm »

I do wonder how that secondary market will work out for lenders trying to unload delinquent loans.  I can't imagine there is much appetite for those - unless the collection rate sky-rockets - and then what would be the point of selling?

If a secondary market does unfold, I think we should consider winning bids on loans we
are pretty sure will pay the first 6 months and unloading them in month 5.
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112233

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #36 on: October 08, 2007, 09:12:44 pm »

(also posted at .com)

Quote from: Prosper Shira,Oct-8-2007 08:01 PM
4. Mr. Fuller, when will you begin lending on Prosper?

I was a registered lender on Prosper several months before I got the call about a job.

is this doug?
http://forums.prosper.com/index.php?showto...ndpost&p=367730

that post continues to stick out in my mind, and I seem some similarities

biblio1

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #37 on: October 08, 2007, 09:16:38 pm »

I don't think so.  Unless he likes to refer to himself in the third person http://forums.prosper.com/index.php?showtopic=31014&st=50&#entry384703.  Also, if this is the same person, I imagine the age is off:  http://en.wikipedia.org/wiki/User:Inogenius
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droolingelmo

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #39 on: October 08, 2007, 09:27:46 pm »

FYI since few of you know me.  I am on the BOD of a local community bank.  I am very pleased with Fuller's answers in general but one thing bothers me.  In talking to our legal department we have never spent more than four hundred dollars securing judgements and liens again defaulted borrowers. (average is less than two hours of legal)  I find it disturbing he quotes a figure of up to 15K+.

Bottom line that is total bull.  These are not complicated cases involving expert witnesses and forensic scientists.  Any rep of Prosper can walk in to court and say to the judge here is the signed agreement, here is proof of default, here is our requested action, done.

My legal team says in any state the filings and court appearance can be handled by a first year attorney and getting a lien in any court should never be more that 2 hours work with appearance and most don't contest and appearance isn't even necessary.  Once the word gets out there is zero tolerance then life is better for lenders AND legitimate borrowers since I can lower my rates.
« Last Edit: October 08, 2007, 11:09:50 pm by droolingelmo »
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112233

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #40 on: October 08, 2007, 09:31:51 pm »

can you post your concern in shira's thread? I'd like to see their response.

traveler505

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #41 on: October 08, 2007, 09:51:16 pm »

Could our California attorneys comment on Fuller's claim that the only way Prosper can be the plaintiff in a lawsuit is to buy back the loans from the lenders for a pittance?  Could it sue in its capacity as servicing agent?  Could it buy the loans for an price based on the net amount ultimately recovered?

I may be the last remaining cynic here, but it seems to me that this is no better for lenders than letting the JDBs buy them, since JDBs will likely sue the same people.  (Prosper could periodically check court records to see if the JDB has filed suits against Prosper borrowers, and publicize those judgments.)  And it creates a major conflict of interest, where ineffectual collections could become a major profit center for Prosper.  If Prosper collects effectively, it makes about $150 in servicing fees (assuming 1%) over 3 years on a $10000 loan.  If Prosper lets loans default, then buys the cream of the crop for 5% and litigates, it stands to make $9500 (less litigation costs) on that same $10000 loan.



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"Trav, you can always take up another hobby..." -- BigGulp

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Fred93

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #42 on: October 08, 2007, 10:54:21 pm »

I may be the last remaining cynic here, but it seems to me that this is no better for lenders than letting the JDBs buy them, ...

I can't tell you how I know this, but I guarantee you that you are not the last remaining cynic here.

Urbi_et_Orbi

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #43 on: October 08, 2007, 11:04:27 pm »

If Prosper lets loans default, then buys the cream of the crop for 5% and litigates, it stands to make $9500 (less litigation costs) on that same $10000 loan.


I think you may have found the much rumored "clear path to profitability."

traveler505

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Re: Q & A with Doug Fuller, Prosper’s Vice President of Operations
« Reply #44 on: October 08, 2007, 11:33:02 pm »

If Prosper lets loans default, then buys the cream of the crop for 5% and litigates, it stands to make $9500 (less litigation costs) on that same $10000 loan.


I think you may have found the much rumored "clear path to profitability."

I was afraid of that.
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"Trav, you can always take up another hobby..." -- BigGulp

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