It’s only fitting that we’ll end the year with more uncertainty, this time as a result of the elections. It seems safe to expect a Biden/Harris administration in January, but the road ahead remains a bit foggy pending the Georgia Senate run-off elections in January, the outcome of which will determine which party controls the Senate. Under Democratic control, we could see more progressive...
Our last market study, based on surveys conducted in the spring – before and then after the COVID-19 crisis began – found industry professionals surprisingly sanguine. Now, as the temperatures begin to cool and the virus rolls in waves across the country against the backdrop of a presidential election and continued uncertainty of future relief programs, we’ve gone back to market participants,...
Tank: “How? Morpheus: “He is the one.” — The Matrix Last week, the Office of the Comptroller of the Currency (OCC) did its best to simplify the search for the one “true lender” in any transaction. Its proposed rule should provide clarity to lending partnerships between banks and third-party non-banks, such as marketplace lenders (MPL).
Is that a cliff or a bridge up ahead? There are positive signs and even slight improvement in some auto figures, but there’s still a looming question of what’s around the corner and whether further government support will be forthcoming. Things could go from stable to not in a New York minute. As we look for signs to the future, recent reports from S&P and KBRA give some indication of where we...
Credit Chronometer’s second annual market study, available here, has been giving industry participants a behind-the-scenes look at how originators, investors, servicers and trustees are viewing the effects of the pandemic on the subprime auto securitization market.
As the economic crisis impairs the value of commercial mortgage-backed securities (CMBS) that collateralize loans to real estate investment trusts (REITs) to finance their investments, there is the prospect of increased margin calls, requiring REITs to provide additional funds to make up shortfalls in value. The case of AG MIT CMO, LLC et al. v. Royal Bank of Canada et al., No. 20-2547...
Joseph Cioffi was quoted in a Structured Credit Investor article, "Subprime Auto Performance Eyed."
