Red and blue is the new black and white, but the country could use a lot more purple. Seems few can take a position publicly these days unless it’s extreme – whether it’s a political debate or the meaning of the New York Fed’s recent Quarterly Report on Household Debt and Credit showing an uptick in subprime auto delinquency. Intelligence includes the ability to see the other side’s point of...
If you want to know the truth, no one can really predict the future of any market by themselves; everyone is limited by data and perceptions. Without shared knowledge and experience, the future remains a puzzle only time can solve. Where there is limited information, J.D. Salinger’s prediction is inevitable: “the fact is always obvious much too late.”
Joseph Cioffi was quoted in a Structured Credit Investor article, “Junior Demand: Credit Enhancement Concerns Raised,” February 8, 2019.
Joseph Cioffi contributed to a Blueshift Research report, “Subprime Loans Set to Grow in Personal and Mortgage But to Fall in Auto,” January 23, 2019.
Joseph Cioffi was quoted in an Auto Finance News article, “2019 Survival Guide: How Lenders Are Planning for the Year Ahead.”
Joseph Cioffi was quoted in an Auto Finance Excellence article, “Risk Factors to Watch in 2019.”
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...
