JOSEPH CIOFFI

The “Valid When Made” Rule Strikes Back

“It’s over, Anakin, I have the high ground.” — Obi-Wan Kenobi, Star Wars Episode III: Revenge of the Sith Last January, we reported on the Office of the Comptroller of the Currency’s (OCC) proposal to codify the “valid when made” rule—a longstanding doctrine that has served as the bedrock for bank lending for nearly two centuries—which, in 2015, was thrown under the bus by the Second Circuit in...

Read More

Whole Lot of Hertz Is Coming to the Used Vehicle Market

Positioned squarely at the intersection of the used vehicle market, auto ABS and the effects of the coronavirus crisis on American’s mobility is the Hertz bankruptcy filing. Similar to the large bankruptcies, marking the 2008 financial crisis, such as Lehman Brothers and WAMU, which shaped the financial sector’s recovery, the outcome of the Hertz bankruptcy is likely to impact the direction of...

Read More

Doom with No Gloom: Forbearances Mask the Impact of COVID-19 on Subprime Auto

A review of market performance since the start of the COVID-19 crisis could lead one to ponder a new existential question: Can there be pending doom, if there’s no gloom?

Read More

You Down With PPP? Paycheck Protection Program Troubles Are an Opportunity for Marketplace Lenders

Few participants involved in the federal government’s Paycheck Protection Program (PPP) will likely be able to escape criticism once the program is all said and done.

Read More

On Our Watch: CMBS in the Time of COVID-19

Perhaps no credit market is as much a bellwether for the economic crisis caused by the COVID-19 pandemic than commercial mortgage-backed securities (CMBS). While the impact of relief programs on consumer-based markets remains to be seen, CMBS offers a broad view into the health of consumers, vulnerable industries, the success of stimulus programs on small and medium-sized businesses and the...

Read More

On Our Watch: ESG in the Time of COVID-19

Here’s something you don’t see much of these days, a market doing well and with the potential for real “green” shoots. With an emphasis on social responsibility and community support, ESG investing is a bright spot. Still, there are also reasons to be cautious, especially if social issues dominate over environmental ones. There are good reasons to keep investing in both.

Read More

How Subprime RMBS Can Prepare Us for Subprime Auto Litigation in the Time of COVID-19

“Madness . . . is like gravity, all it takes is a little push.” - The Joker, The Dark Knight, 2008 As our readers know, as far back as 2017, we sounded the alarm on the parallels between pre-crisis residential-mortgage backed securities (RMBS) and today’s subprime auto ABS.

Read More