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.
“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...
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...
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?
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.
