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Post by nellerdk on Sept 9, 2017 11:58:03 GMT
This is really something. You come to question if these loans are really AA + A when the lenders can't even make the first payment (1 / 36) and (1 / 30)  |
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317 
Likes: 893
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Post by JamesFrance on Sept 9, 2017 12:28:03 GMT
I would never trust a Bondora rating and those interest rates are far below what is needed for the risk. Even if there is recovery after about 5 years the DCAs will get much of it. I expect to make a profit eventually from my old Bondora loans but the average interest rate was about 28% for those.
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Post by rahafoorum on Sept 9, 2017 17:23:12 GMT
Why hide the loan-id? You can use it to identify the loans in dataset and check other similar loans' performance. Then compare it to the PD figure for example. A few loans can be random, but if the PD is very low, then a decent amount of defaults within a small number of loans is good hint that there's something wrong. The Rating has been pretty inaccurate in the past.
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fric
Member of DD Central
Posts: 199
Likes: 79
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Post by fric on Sept 11, 2017 5:54:00 GMT
I was looking at new portfolio pro before as well, but looking at the secondary market I saw some weird stuff, so decided not to. I already posted in p2pindependentforum.com/thread/9499/portfolio-pro-thoughts thread a picture of loan that imho shouldn't be AA... So yeah, also remembering what happened to Spain and Slovakian loans, not a surprise sadly... |
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Post by coolrunning on Sept 21, 2017 20:43:06 GMT
Look at this 'bargain' that I found on the SM: AA rated BOK4K2243 Summary information Monthly net income: 762€ Income unverified Other liabilities 1,124.75€ Liabilities after refinancing: 1,137.75€ (zero living costs) AA rating with Liabilities >> income ??  I can imagine that if your Liabilities are say twice income, Bondora will give you an AAA rating.  |
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Post by rahafoorum on Sept 22, 2017 12:39:30 GMT
Look at this 'bargain' that I found on the SM: AA rated BOK4K2243 Summary information Monthly net income: 762€ Income unverified Other liabilities 1,124.75€ Liabilities after refinancing: 1,137.75€ (zero living costs) AA rating with Liabilities >> income ?? I can imagine that if your Liabilities are say twice income, Bondora will give you an AAA rating. It took 10 months for the borrower to go from F (first loan) to AA. I suppose previous payment history makes it probable that you can still pay a loan when payments are twice your income? Or perhaps stacking loans from all kinds of places makes a borrower more reliable?
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Post by rahafoorum on Sept 22, 2017 13:06:12 GMT
Even more of a testament to the quality of data. A quick check in the dataset shows that there are literally thousands of loans with liabilities (LiabilitiesTotal) bigger than income (IncomeTotal). Majority of them still have a positive value in the FreeCash column for some reason.
However, there are over 300 cases for 2017 where FreeCash is 0 and liabilities are higher than income. Even a funny case where income is €1200 and liabilities are over €9100. Go figure.
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Post by kilozulu on Sept 22, 2017 19:02:04 GMT
Even more of a testament to the quality of data. A quick check in the dataset shows that there are literally thousands of loans with liabilities (LiabilitiesTotal) bigger than income (IncomeTotal). Majority of them still have a positive value in the FreeCash column for some reason. However, there are over 300 cases for 2017 where FreeCash is 0 and liabilities are higher than income. Even a funny case where income is €1200 and liabilities are over €9100. Go figure. Positive value in FreeCash column works only if you assume not all liabilities are honoured  So Bondora already assumes rent and communals not paid by poor sould...
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Post by Jonas Hendrickx on Oct 17, 2017 7:13:25 GMT
I'm inclined to sue them. Bondora appears to be stealing money.
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So Bondora already assumes rent and communals not paid by poor sould...