JOSEPH CIOFFI

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...

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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.

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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.

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On Our Watch: Marketplace Lending in the Age of COVID-19

Marketplace lending took root in the shadow of the last financial crisis. Now, the question for consumers, businesses and marketplace lenders (MPLs) alike, is whether the conditions are right for it to thrive in the wake of the coronavirus and what may be the “deepest recession on record.”

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Time to Buckle Up: The State of Subprime Auto Risks

2019 seems far behind in the rear mirror. Way back then, in our 2019 year-end review, we warned that an economic downturn could cause latent market risks to be seen more clearly. Higher delinquencies and longer terms were among the trends that were intensifying beneath the surface, causing cracks to form on the road ahead. With that as a backdrop, we conducted our second annual subprime auto...

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In A World...Without LIBOR

It could be the trailer for a thrilling movie, but whether it turns out to be a horror flick or a mystery depends on what happens before December 2021. That’s when the financial community’s reliance on the London Interbank Offered Rate (LIBOR) is expected to be phased out. Proposals are on the table, but the prospect of litigation over LIBOR fallback provisions should prompt parties to promote...

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On Our Watch: COVID-19 Mortgage and Foreclosure Relief

With the fallout of the 2008 mortgage crisis fresh in our minds and still shaping the market and policy, the government and market participants have acted swiftly to step in and offer some immediate relief for borrowers, while keeping liquidity as high as possible.

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