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Prosper Debt Sale In Progress

As I mentioned several days ago a debt sale is about to be completed.

I have had 3 loans sold so far (I will update this page if more are sold)…

  1. B Credit @15.16% interest rate, non-homeowner, sold for 9.54% of principal (borrower had not made a single payment).
  2. C Credit @ 25% interest rate, homeowner, sold for 12.74% of principal.
  3. B Credit @ 14.5% interest rate, homeowner, sold for 12.49% of principal.

I also got this from LazyManAndMoney.  It is a bit anecdotal, but it adds to the collective knowledge.

I’ve had about 12 maybe more. They’ve all been about $4 on a $43 remaining principle. Each one is nearly uniform in nature differing by maybe 10-12 cents in either direction.

Update: Prosper released the official debt sale results.

Wow! Texas loans were singled out.

Wow! Texas loans were singled out.

Here are the details of the sale:
   • Eligible loans were more than 122 days past due as of December 4th, 2007, provided the loan was not part of any bankruptcy filing.
   • 701 loans were sold.
   • Price range: 2.8% - 14.5% (as % of principal).

Weighted Average Prices
Homeowners 12.5%
Non-homeowners  
  AA, A 9.6%
  B, C, D 9.1%
  E, HR 7.3%
  NC 4.8%
Texas (all) 3.5%

 

 

December 27, 2007 | Filed Under Uncategorized 

Useful Info:
Related Articles
Prosper Delinquent Debt Sale In Progress
RateLadder Crosses 11K in Prosper Account Value
Debt Sale Accounting via Quicken
Another Default Debt Sale
Debt Sale Announcement on the Official Forum
RateLadder and LazyMan Default Debt Sale Results
Pensioner Debt Sale Results for August 07 Sale
Prosper Debt Sale Offer Roughly 0.93%-4.83%
Default Debt Sale Effect on my IRR Calculation (+4.16%)
Prosper Default Debt Sale


comments

7 Responses to “Prosper Debt Sale In Progress”

  1. Bamalucky on December 27th, 2007

    2008 will be the year prosper folds

  2. Kevin on December 27th, 2007

    On this we will agree to disagree.

  3. Richard Nikoley on December 28th, 2007

    Texas is a debtor-friendly state. Among other difficulties, wage garnishment is prohibited entirely.

  4. Chrisfs on December 28th, 2007

    That’s what’s up with Texas. I got just about 7.4% for my defaulted E grade loan.

  5. Chrisfs on December 28th, 2007

    I looked up wage garnishment in Texas and found this:
    “44. Texas Wage Garnishment

    Wages cannot be attached or garnished, except for child support.

    WARNING For individuals living in Texas who are paid from an out of state location, there is case law (Baumgardner vs. Sou Pacific 177 S.W. 2d 317) to support taking a judgment from Texas, domesticating the judgment in the foreign state, then filing the wage garnishment there. Many creditors have used this strategy successfully. “

  6. Little Troll on December 28th, 2007

    Don’t mess with TEXAS!

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