Just had my first defaults (3) and like Humvee I wonder at the logic. 2 of the loans had their last payment back in May so you could expect a problem there, but the other loan had it's last payment only last month. Also, I notice that the arrears amount from the defaulted loans are still included in my arrears tally. Can't see the point in this.
I think it's about time Harmoney explained some details to us investors. It would be nice to know more about the grading of the loans, eg are they calculated by an individual or is there a simple formular fed into a computer and for the borrower's income, is that verified sufficiently to counteract fraud.