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."
What does automobile ownership mean to consumers today? It is certainly something different, more complex, than pre-Covid. America’s relationship with the automobile has always been complicated. Even so, there has never been a shortage of bold predictions. Now, projections of the future can be downright foolish given we don’t know where we are today as a starting point.
Joseph Cioffi’s article, “Lessons Learned in RMBS Litigation Will Steer Sub-prime Auto Litigation,” was published in Non-Prime Times, the official publication of the NAF Association.