am
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Post by am on Jun 13, 2015 19:42:05 GMT
Surprised to find notes appended to 2 of my loans this afternoon suggesting the borrower is looking to repay early, but still with their Rate Bands in place. Listed them immediately on the SM at 3% premium (original rates were >14%) and they were snaffled within seconds. I only hope they went to greedy bots and not to incautious manual bidders... I done the same. Was really surprised Feeling Carefree allowed me to list it for sale. From the other side, if you can get them at a discount you enhance your rate of return. I think that FC charge the full month's interest even if it's paid back part way through the month, so it may even be worth buying them at par.
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SteveT
Member of DD Central
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Post by SteveT on Jun 24, 2015 14:59:14 GMT
I actually bought one of those loans, saw the note and sold it right away. It wasn't at a 3% premium so I still made a very small profit on the deal. To me this is a flaw in FC's processes. Once they flag a loan as about to be repaid it should not be on the SM. Same scenario today with loan 9402; note added to communicate likely early repayment but rate band left in place. Cue sudden flurry of selling at attractive rates.
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Post by loanstar on Jul 4, 2015 21:22:21 GMT
Can anyone answer a couple of questions about the bots? Firstly are we allowed to openly share the account names if we are certain they are bots? Does anyone know what any are programmed to buy (yes I understand this can be changed)? The reason I ask is should I want to make a quick sale and say place a part on the market at -0.2 but fail to sell. However if I knew I could attract a bot at -0.3 I would be happy with the small lose in return for a quicker sale. Do they only buy over a certain return figure? Do they only buy A and B loans. Any hints would most welcome.
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Post by GSV3MIaC on Jul 5, 2015 9:55:36 GMT
Just apply Dutch auction technology - list then at -0.2%, wait 10 mins, if not bought (a bot will get them by them 9 times out of 10) delist and relist at -0.3%. Rinse and repeat, until either the bot bites, or you decide the loss it too high.
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adrianc
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Post by adrianc on Jul 5, 2015 11:40:36 GMT
Firstly are we allowed to openly share the account names if we are certain they are bots? Half the fun of this forum is being cr**tiv* with the asterisks...
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Post by GSV3MIaC on Jul 5, 2015 14:56:08 GMT
Besides which, why should bots have fewer rights than liveware? Keep that up and I'll send Arnie after ya!!
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blender
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Post by blender on Jul 5, 2015 15:32:05 GMT
The Borrower who shall not be named is often a company, which is a legal person but not a human, with human rights. The name of a bidder is rather different, and if the human or company behind it remains anonymous and unidentified then I do not see that using the bidder name is a problem from the viewpoint of libel or defamation. However, those names are available only to logged in members of FC and using them on a public forum could be considered a breach of the T&Cs.
Best to show willing and stick with the asterisks, which are rather fun.
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