No one had suffered any losses, or at least it seemed no one could remember having done so. S&P had not downgraded any subprime auto loan ABS since just after the turn of the century or any other auto loan ABS since 2011. Credit enhancements were widely deemed sufficient to absorb any worst-case scenario. With a long track record of success and protections in place, few blinked when one non-bank...
Joseph Cioffi was quoted in an Asset Securitization Report article, “Credit Enhancement Can’t Cure All Ills in Subprime Auto Market.”
There’s a caution flag out for subprime auto loan securitizations.
Joseph Cioffi was quoted in an Auto Finance News article, “Honor Finance’s ABS Downgrade Signals Market Contraction.”
“They are who we thought they were!”
Joseph Cioffi was quoted in an Auto Finance News article, “Ballooning Losses at Honor Finance Spark KBRA Downgrade Warning.”
Joseph Cioffi contributed to a Blueshift Research report, “Undisciplined Nonbank Subprime Auto Lenders Still at Risk.”