Prosper completed another debt sale…  The details are not yet on the Default Sale History page; however, Prosper Shira did make an announcement on the forums…

We completed a debt sale this week which will be evident in participating lender accounts over the next few business days.

When a loan is sold, it is considered to be a default on the Prosper site and in the performance metrics. If one of your loans was sold, you will receive an email notifying you of the default and indicating the sale amount. Sale proceeds will be transferred directly into your Prosper account a few days after you receive your email notification.

Here are the details of the sale:
• Eligible loans were 122 days past due as of July 26, 2007, provided the loan was not part of any bankruptcy filing
• 309 loans were sold
• Price range: 1.8% – 26% as a percent of principal balance

Pricing is determined solely by the debt buyer and can vary from sale to sale. Several factors were used to determine pricing in this sale, with credit grade being a primary reason. Homeownership, which was a major factor in prior debt sales, was not used by the debt buyer as a pricing factor in this sale.
• Weighted average prices by credit grade:
–AA-A = 23%
–B-D = 13.3%
–E, HR, NC = 8.1%

We anticipate the next debt sale will occur in December.

Very interesting that homeownership does not matter this time.

At this time I believe that I had 1 loan (a  in this sale.  I am waiting to make sure that I don’t have any others before relaying my results.  Also, this will force me to deal with my IRR calculation and my Quicken tracking.  Stay tuned. 

Related Posts

• In Defense of Living Off Dividends Living Off Dividends (aka WealthBuildingLessons (WAB) on Prosper) wrote a guest post on the Prosper Blog: Why I Love Prosper.com. The blog post has generated some heated comments due to one aspect of the post. WAB claimed "over 13% annualized returns". When questioned what his calculation actually was he said.........
• Debt Sale Accounting via Quicken In the recent default debt sale I had a loan sold.  This is my first opportunity to account for such an event.  I use Quicken for my personal finances including my Prosper account (read about it here). Here are the details of my defaulted loan: CreditGrade: AA Homeowner: Yes Verified......
• Automatic Prosper I have heard many people say that Using Prosper takes too much time -- too much time to find listings; too much time to place bids; too much time to monitor and rebid as needed...  I don't think this is true...  There are 2 Prosper features that when used in......
• Prosper Released the Market Survey Results for March 2008 Here is the March 2008 Prosper People-to-People Lending Market Survey... I thought the commentary was particularly interesting this time... Market Commentary By Prosper Co-founder and Chief Executive Officer, Chris Larsen As we have previously reported, Prosper’s mix of “well priced” loans – loans with an attractive risk-return tradeoff – has......
• Prosper Repurchases A Loan Yesterday, I had one of those bitter sweet moments.  Sweet in that a loan I had been writing off in my mind as bad was repurchased by Prosper for the full principal balance.  Bitter, because I really believe I am helping people with these loans and yet someone would take......

Related Websites

• Dig Yourself Out of Debt: Know What You Owe This is part 1 of the "Dig Yourself Out of Debt" Series, published every Thursday. Surfing old posts? You can access every post in this series by clicking here. I'm a regular over on the Money Saving Expert forums, particularly the 'Debt-Free Wannabe' area. On a daily basis, people post......
• Finovate Startup 2009 Live Twitter I am attending Finovate Startup 2009. It is an action packed 1 day format which I belive will lend itself perfectly to a live twitter. Stay tuned it should be an amazing day. http://twitter.com/BlogTrafficExch In the break I have scheduled some talks with SimplFi, Mint, and Calendar Budget. I am......
• 3 Reasons Debt Consolidation Loans May Not Be The Best Option For Debt Relief Many consumers in an effort to escape every rising interest rates are searching for a way to lower their monthly payments while avoiding growing debt. One way to reduce your interest rate, resulting in more of your payment going toward the principle debt, is by using a consolidation loan to......
• Reader Question -Should I Pay Off My Car Loan With A 0% Interest Credit Card? Got a question yesterday from one of the readers: I currently have about $11,000 left on my car loan at around 7% interest, but was thinking of getting a 0% balance transfer and paying it off. I understand that after the 0% period ends I will have to find another......
• Debt Consolidation: People incur debts due to various financial deficits. This is not an embarrassing situation. To have anything in excess is a part of human nature. However, there is a possible risk of becoming a defaulter. To avoid such circumstances, you may take loans to repay the debt. You can repay......

Online Stores

• Credit, Charge Cards Trading Cards Collectibles
• Max Factor Foundation Makeup Store
• Max Factor Lipstick Makeup Store
• Halcyon Days Decorative Collectible Brands Decorative Collectibles Collectibles

If you liked this article, vote for it on del.icio.us and stumbleupon.


Categories:

Features, Prosper.com

Tags:

azerbaijan, mozambique