eBay for loans

[Shoe]

Does anyone know if you can view loans that have already been funded and check if the buyer has been making his/her payments or not? I would be interested in researching different types of listings to see what type of loans are most likely to be paid/default etc....

Any listings I look at don't seem to give any information on if the buyer is actually paying on time or not. Do you have to actually be a lender on the loan to know this info?

[wmspringer]

[ QUOTE ]

if they were to allow that, what would stop people from a) getting a loan b) not making payments for a while c) getting their friends to buy out the loans at a cheap rate. i'm sure it would be illegal and all, but is there really anything you can do about it?

[/ QUOTE ]

Well, if they don't mind ruining their credit..

[wadea]

[ QUOTE ]
if they were to allow that, what would stop people from a) getting a loan b) not making payments for a while c) getting their friends to buy out the loans at a cheap rate. i'm sure it would be illegal and all, but is there really anything you can do about it?

[/ QUOTE ]

This isn't the way loan re-selling works. If your mortgage gets sold, your rate stays the same. The payments just go to a different lender. Same loan, new owner. The buyer of the loan just pays some multiple of "par" value to buy the loan. For example, if you are deemed lower risk, your loan might be sold for $1.20/outstanding dollar. Your payments don't change but the new owner's rate of return is less and the previous owner made a profit.

Still though, like most things, it could be illegally taken advantage of.

[wmspringer]

[ QUOTE ]
Does anyone know if you can view loans that have already been funded and check if the buyer has been making his/her payments or not? I would be interested in researching different types of listings to see what type of loans are most likely to be paid/default etc....

[/ QUOTE ]

Yes, you can do that; in fact, some people HAVE gone through completed loans looking for correlations. (For example, one was that groups of people who know each other IRL have significantly higher repayment rates)

[livinitup0]

All of these D tier credit loans going out through this site looks like a prime market for my buisness. I gaurantee you that over 50% of these tier loans dont get paid back and 50% of those skip out on the lender.

For you financial law gurus out there.... would this type of venture still make the lender responsible for due dillagnce of collection before being able to write off the loan as a bad debt?

Do most of these members post in the "groups" sections? How could I go about marketing myself to these lenders without looking overly spammish? I dont see a whole lot of advertising or banners either.

Richard