elliotn
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Post by elliotn on Mar 5, 2017 12:03:12 GMT
AFAIK investors can continue to trade at par as long as the buyer is aware the loan is defaulted.
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ablender
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Post by ablender on Mar 5, 2017 13:27:55 GMT
It does not seem that there is much demand in these.
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Post by GSV3MIaC on Mar 5, 2017 14:42:07 GMT
Seems like a large subset of SS lenders are incapable of finding the loans on a separate page (one which you have to manually go look for) .. or possibly the 'default' status puts them off (but the issue I have with that explanation is that 'will be defaulted in <7 days time' loans, on the main available page, still seem to sell quite well).
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Post by lendinglawyer on Mar 5, 2017 16:17:45 GMT
I genuinely think people don't understand the concept of an imminent default. Not because they are too stupid but because they don't pay attention to term, the new default policy, etc.
Edit: my view is that for transparency the main SM page should be clearly subdivided by IOA, SBL and IA loans. So "good","overdue" and "very overdue".
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nick
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Post by nick on Mar 5, 2017 16:57:47 GMT
I genuinely think people don't understand the concept of an imminent default. Not because they are too stupid but because they don't pay attention to term, the new default policy, etc. Edit: my view is that for transparency the main SM page should be clearly subdivided by IOA, SBL and IA loans. So "good","overdue" and "very overdue". I would go further, either a borrower is in compliance with the loan agreement or they are in default. Whether a loan is in default is a matter of fact and not judgement. The current acronyms assigned just confuse the matter (whether deliberately or not). Defaults could then be further classified by expected recovery %, time, or means. This in my view would provide a much fairer, clearer description of the current state of an loan to the casual browser.
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Post by lendinglawyer on Mar 5, 2017 17:15:44 GMT
I don't disagree all of that information should be provided where possible (things like % expected recovery are very hard to be scientific about though so that could get misleading). But I think most people will just read the headlines on the SM page so it needs to be clear there.
I do quite like your full compliance with the agreement approach. It is clear and simple to show.
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mikes1531
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Post by mikes1531 on Mar 5, 2017 23:32:58 GMT
The one thing that's severely lacking at the moment is that if you bring up the pages for individual defaulted loans, there's nothing at all on those pages to indicate that these loans are classified as defaulted. Anyone buying parts on those pages easily could claim to have been misled. I really think savingstream need to deal with this very soon! |
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Post by GSV3MIaC on Mar 6, 2017 8:50:23 GMT
But how do you get to the individual loan page, if not via the defaulted loans page?? I suppose you could have bookmarked it, but that would be unusual, and not what the site was designed for.
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star dust
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Post by star dust on Mar 6, 2017 10:41:34 GMT
I think this happened when PBL20 initially went into default, but AFAIA they stopped doing this, don't ask me when though.  |
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twoheads
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Post by twoheads on Mar 6, 2017 11:09:06 GMT
This is the sort of list I would like to see as an extra option on the site... a single list with ALL loans sorted as you want... colour coded by status - click on one to get details.
Colours are my choices - user preferences may differ!
N.B. many loans removed to keep the picture small.
Furthermore, when viewing a loan, its status should be made obvious (e.g. colour scheme), especially when purchasing. At the current time, there is NO difference between purchasing a +200 day loan and a -180 day loan. Problem is, once the loan details are selected, the only way of telling the status is from the number of days available. If one was used to seeing a prominent green colour when buying, and you were instead presented with a prominent yellow, orange or red, you would immediately stop and think.
EDIT: There is a difference with -181 day loans in that you have to go via the defaulted loans page which should wake you up.
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dovap
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Post by dovap on Mar 6, 2017 13:44:03 GMT
the 'wake up' call of being in the naughty tab
seems to amount to ~5% of the loan amount being available for lucky punters to snap up
- remarkable really.
suppose a small amount of flying pig farm shall appear in the default tab tomorrow
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twoheads
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Post by twoheads on Mar 6, 2017 14:10:26 GMT
suppose a small amount of flying pig farm shall appear in the default tab tomorrow Day after tomorrow I expect: it should default when term changes from -180 to -181 days.
EDIT - Sorry dovap, my mistake... You're right. It hasn't yet ticked over today and will reach -180 later (before 7pm I think).
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ped
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Post by ped on Mar 7, 2017 17:52:04 GMT
PBL56 is still in the SM list but does have interest status of DEF. At -181days. By the end of this month SS will have almost 5% of the current loan book in default I really hope pbl81 pays back soon to make things look a lot better.
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mikes1531
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Post by mikes1531 on Mar 7, 2017 19:25:52 GMT
PBL56 is still in the SM list but does have interest status of DEF. At -181days. By the end of this month SS will have almost 5% of the current loan book in default I really hope pbl81 pays back soon to make things look a lot better. I don't expect it to repay very soon. Firstly, there's another month's worth of work to do. Once that's done, don't they have to demonstrate to the planning authorities that they've addressed all the concerns, and don't the authorities then have to formally agree that the building is acceptable in its altered state? Yes, they can continue marketing while waiting for the necessary approval, but I don't expect any real progress can be made before the planning issue is settled officially. Meanwhile, I'd be surprised if a £4-5M home would sell in a hurry. And if SS haven't actually engaged LPA receivers to force the sale, I don't think they can arrange a sale without the borrower's consent, and I don't expect the borrower would be willing to sell the place cheaply just to wrap things up quickly. Then again, that's JMHO, and perhaps I'm being overly pessimistic.
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