In his latest article published in Consumer Financial Services Law Report, Joseph Cioffi discusses how lessons learned in subprime RMBS litigation could be used in subprime auto litigation, if investors suffer losses. In “How Subprime RMBS Can Prepare Us for Subprime Auto Litigation in the Time of COVID-19,” Joseph addresses several misconceptions regarding subprime RMBS litigation of which...
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.
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...
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.
“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.
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.”
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...
