Well I knew it was coming but how long will it stay. I have now 1 loan that is 2+ months late and I have given up all hope on since the collection companies now have control of the notes. The first of the two new late loans has yet to make a payment and is a A credit grade. This has happened to my portfolio once before and it turned out to be fraud and Prosper.com repurchased the loan. This loan was to a male who claimed he wanted to be debt free and had a great plan. I just didn't realize that part of him being debt free was to use the Prosper.com community as a charity. Propser.com has been taking more legal action agaist non payers and I hope that the do in this case.
if we cant rely on A borrowers to be the base of our Prosper.com portfolio I would say that we are in serious trouble and maybe CD's are the way to go. I always kept a good share of A borrowers in my portfolio just in case one of the more high risk loans that I took in good faith went south. I do have faith in the Prosper.com community as a whole its just the few dirt bags that leave a sour taste around the place that makes it so difficult to transfer more money into Prosper.com
I am changing investment vehicles for the time being. Prosper.com has become more or a liability than a asset. I cant be sure that it actually ever was a asset but rather some blind hope that I was helping someone out that really wanted to be helped and just needed opther good hearted people to lend them some cash in a time of need. I will still reinvest interest and principle loan payments back into Prosper.com but only to the members of my group as they are vetted and I feel more comfortable having a human check the paper trails rather than some computer asking questions and then trusting the answer given by the user. In some cases the user is not telling the truth and Propser.com has gone out of its way to block lenders from gaining more information about the borrowers.
I plan to place a large percentage in some speculative stocks that I have been watching for the last 6 months. Primarily MVIS and SANM. These companies are undervalued at the current price so now is the time to get in and hope the so called recession never really takes hold. The remaining percentage will be stored as cash in a non interest bearing account right here in my home safe in the form of gold and silver. I have lost faith in the US dollar for the time being and gold and silver may be the only form of "currency" accepted in the future. Since currency is not just the green stuff we so commonly think of I would suggest to anyone reading this to maintain a "currency" that you are comfortable with.
Wednesday, February 6, 2008
Tuesday, February 5, 2008
Prosper Days 2008
Prosper Days 2008 will be held on Monday, February 25 - Tuesday, February 26, 2008 a at the Parc 55 Hotel, San Francisco. Registration is still open via the prosper.com website. There will be a very well known speaker Stephen Dubner Co-Author of the Best Selling Book Freakonomics.
The Parc 55 Hotel, San Francisco.
The Parc 55 is conveniently located within walking distance to Union Square and several San Francisco attractions.
To book a room by telephone:
1. Please call Parc 55 Reservations at 1-800-697-3103 between the hours of 7:00 a.m. – 6:00 p.m. PST, Monday through Friday.
2. Attendees should request the Prosper Days rate in order to receive the group rate.
Prosper Days has historically released information regarding the companies focus for the year and both short and long term fixes to the website and loan platform itself. Previous Prosper Days have also provided speeches and keys to success from some of the websites top group leaders and some early adopters of P2P lending.
Through its members Prosper.com has evolved to a very user friendly environment. The largest problems that seem to have plagued the platform from day one are still present. Collections and Time in transit for money resulting in Float for the bank that handles the Propsper.com finances. There have been some great number crunches that were very active forum members before the old forum was deleted that ran some numbers on the "float" they weren't large numbers considering the size of prosper at its current age. The way around this was for Prosper.com to offer interest bearing accounts so that money could be stored within their system without losing precious time. Paying a small percentage to a Prosper members account would most likely generate more bids and successful loan listings.
To all that will be attending Prosper Days 2008! Have a wonderful time and make sure to ask the questions that they never seem to have answers to on the forum!
Prosper Days 2008 Agenda Highlights
Monday, February 25th sessions include:
- High ROI Lender Panel
- P2P Lending 2.0 Trends
- Pricing Fundamentals: Earning a Risk Adjusted Return
- Social Finance Economics: Risk vs. Reward
- Managing Large Portfolios
Tuesday, February 26th, sessions include:
- Privacy & Security
- Collection Practices Update
- Prosper API Workshop
- Town Hall Lunch with Prosper Founders
The Parc 55 Hotel, San Francisco.
The Parc 55 is conveniently located within walking distance to Union Square and several San Francisco attractions.
To book a room by telephone:
1. Please call Parc 55 Reservations at 1-800-697-3103 between the hours of 7:00 a.m. – 6:00 p.m. PST, Monday through Friday.
2. Attendees should request the Prosper Days rate in order to receive the group rate.
Prosper Days has historically released information regarding the companies focus for the year and both short and long term fixes to the website and loan platform itself. Previous Prosper Days have also provided speeches and keys to success from some of the websites top group leaders and some early adopters of P2P lending.
Through its members Prosper.com has evolved to a very user friendly environment. The largest problems that seem to have plagued the platform from day one are still present. Collections and Time in transit for money resulting in Float for the bank that handles the Propsper.com finances. There have been some great number crunches that were very active forum members before the old forum was deleted that ran some numbers on the "float" they weren't large numbers considering the size of prosper at its current age. The way around this was for Prosper.com to offer interest bearing accounts so that money could be stored within their system without losing precious time. Paying a small percentage to a Prosper members account would most likely generate more bids and successful loan listings.
To all that will be attending Prosper Days 2008! Have a wonderful time and make sure to ask the questions that they never seem to have answers to on the forum!
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