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Author Topic: Doug Fuller responds again  (Read 21055 times)

iLIE

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Doug Fuller responds again
« on: May 04, 2008, 04:10:29 pm »
In order for something to qualify as a “Promise to Pay”, the promise must include a specific dollar amount that will be received within a specified period — normally less than 30 days.

In round numbers, the bids that we received were approximately 1/3 the prices bid in December. The price difference between the August and December represented about a 20% reduction.

Prosper has not cancelled the debt sale; rather, Prosper has not accepted a bid yet — while working to find an alternative buyer or deal structure that would result in more money for the lenders.

http://blog.prosper.com/2008/05/02/debt-sale-update/#comments
« Last Edit: May 04, 2008, 04:56:48 pm by iLIE »
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iLIE

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Re: Doug Fooler responds again
« Reply #1 on: May 04, 2008, 04:14:07 pm »
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iLIE

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Re: Doug Fooler responds again
« Reply #2 on: May 04, 2008, 04:15:50 pm »
Seems my 3% guess may be a little optimistic.
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Mtnchick

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Re: Doug Fooler responds again
« Reply #3 on: May 04, 2008, 04:17:58 pm »
He forgot to add the "I'm having to write this because we sure as heck aren't letting any of the comments you've taken the time to write to be posted on this blog. Thank you for playing".

"Another buyer" is their ONLY option. It just doesn't make sense that these 8 who have given them an average lower amount than they did in December which was an average lower amount than they did in August are going to magically up their offers. And to even think another buyer is going to offer more while they sit here isn't very smart either.

I know you're all sick of hearing it, but sorry: I am SO glad I stopped bidding!!
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Classic comment from Urbi to a poster who said they were leaving:

"Once again, we note that your threats are hollow and you come across like a sad, lonely blowhard.

I doubt anyone here gives a shit about you.  We pretty much all know that you are a vile and unethical parasite of a human being with an abnormal craving for attention."

Mtnchick

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Re: Doug Fooler responds again
« Reply #4 on: May 04, 2008, 04:19:02 pm »
Looking at those #'s., I'd still accept 1/3 of December 07 payments. Right now I'm getting zero for them.
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Classic comment from Urbi to a poster who said they were leaving:

"Once again, we note that your threats are hollow and you come across like a sad, lonely blowhard.

I doubt anyone here gives a shit about you.  We pretty much all know that you are a vile and unethical parasite of a human being with an abnormal craving for attention."

Fred93

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Re: Doug Fooler responds again
« Reply #5 on: May 04, 2008, 04:20:51 pm »
Quote from: iLIE on May 04, 2008, 04:10:29 pm
In round numbers, the bids that we received were approximately 1/3 the prices bid in December. http://blog.prosper.com/2008/05/02/debt-sale-update/#comments

Holy crap! 
« Last Edit: May 04, 2008, 04:22:22 pm by Fred93 »
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iLIE

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Re: Doug Fooler responds again
« Reply #6 on: May 04, 2008, 04:22:23 pm »
I'm guessing the debt buying world is a small world & these loans are pretty hard to get anything out of.Hence the rapidly declining amount offered.

I wonder if there are any bids from the December purchaser?
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cowdog

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Re: Doug Fooler responds again
« Reply #7 on: May 04, 2008, 04:23:39 pm »
It's all just a farce to prop up the soaring default rate.

No lender cares if the amount is 6 cents or 9 cents on the dollar, it is a loss that can't be written off, so Prosper is denying lenders both their money and their losses by holding the debt.

No one wants to buy this crap; the loans are totally worthless and for the most part noncollectable, it is junk paper with no backing, as is any PMI promissory note.

PMI, take 1 penny on the dollar and let lenders write off their losses.
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Nora_Lenderbee

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Re: Doug Fooler responds again
« Reply #8 on: May 04, 2008, 04:26:06 pm »
Major credit to Doug for posting this specific information, which many of us asked for, and for his reponse to xraider.
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iLIE

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Re: Doug Fooler responds again
« Reply #9 on: May 04, 2008, 04:26:14 pm »
That puts 6.5 million in loans worth right around $200,000
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iLIE

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Re: Doug Fooler responds again
« Reply #10 on: May 04, 2008, 04:27:24 pm »
Quote from: Nora_Lenderbee on May 04, 2008, 04:26:06 pm
Major credit to Doug for posting this specific information, which many of us asked for, and for his reponse to xraider.

no doubt..I'd say this honesty may put him out of a job..Too bad i'm sure there were several other comments left unapproved.I know of at least one.
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nonattender

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Re: Doug Fooler responds again
« Reply #11 on: May 04, 2008, 04:36:55 pm »
Quote from: Nora_Lenderbee on May 04, 2008, 04:26:06 pm
Major credit to Doug for posting this specific information, which many of us asked for, and for his reponse to xraider.

Yup.  Communication is nice, even when it contains news that's not so hot.  I don't see this as a prosper-specific issue, but rather as a macro issue...  I also tend to buy the explanation, and don't see a problem with holding the auction open to wait for something better, esp. given we're in May and there's no writeoff pressure, and given the... skimpiness... of the offers they're receiving from debt buyers.

-t
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Nothing that I ever say is "professional advice" - principally, because I suffer from an infinitely inescapable prinicipal/agent problem, in that I am, in principle, always acting as my own agent.

Peer-to-Peer Lending & Personal Loan Information

iLIE

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Re: Doug Fooler responds again
« Reply #12 on: May 04, 2008, 04:40:13 pm »
It's gonna be hard for the koolaide bloggers to keep saying the lates are worth 100% till proven otherwise
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Some people are like slinkys; they really don't have a purpose in life , but they still bring a smile to your face when you push them down the stairs.

iLIE

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Re: Doug Fooler responds again
« Reply #13 on: May 04, 2008, 04:41:29 pm »
Quote
Yup.  Communication is nice, even when it contains news that's not so hot.  I don't see this as a prosper-specific issue, but rather as a macro issue...  I also tend to buy the explanation, and don't see a problem with holding the auction open to wait for something better, esp. given we're in May and there's no writeoff pressure, and given the... skimpiness... of the offers they're receiving from debt buyers.
Yes,i'd hate for new lenders to learn what the real default rate is.For the sake of current lenders,they need to realize they are bidding too low.
« Last Edit: May 04, 2008, 04:50:14 pm by iLIE »
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Some people are like slinkys; they really don't have a purpose in life , but they still bring a smile to your face when you push them down the stairs.

Caladia

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Re: Doug Fooler responds again
« Reply #14 on: May 04, 2008, 04:53:56 pm »
*poof* (Thanks Bama.)
« Last Edit: May 04, 2008, 05:00:44 pm by Caladia »
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Accept the ease with which it can be done.
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