Quoted

Nortridge Launches Podcast Hosted by Current NAF Association President

Nov 04, 2020

Joseph Cioffi was mentioned in a SubPrime Auto Finance News article, "Nortridge Launches Podcast Hosted by Current NAF Association President."

Conferences

“Results of Subprime Auto Securitization Market Study,” 24th Annual Non-Prime Auto Financing Conference, November 16-20, 2020

Oct 27, 2020

On November 17, Joseph Cioffi, Davis & Gilbert Insolvency, Creditor’s Rights & Financial Products Chair, will moderate a panel titled “Results of Subprime Auto Securitization Market Study," at the 24th Annual Non-Prime  Auto Financing Conference being held virtually on November 16-20.   Panel Overview: Join us as we reveal the results of Credit Chronometer’s survey of subprime auto market participants in all areas of the securitization market – originators, investors, trustees, servicers and ...

Publications

Eyes on the Road Ahead: Going Back to the Market for the Latest Outlook

Oct 20, 2020

Joseph Cioffi’s article, “Eyes on the Road Ahead: Going Back to the Market for the Latest Outlook,” was published in Non-Prime Times, the official publication of the NAF Association. Click here to view the full article.

Quoted

Frontline Workers in Eye of Pandemic Storm for Months, Now Fending Off Repo Man

Oct 01, 2020

Joseph Cioffi was quoted in a MarketWatch article, "Frontline Workers in Eye of Pandemic Storm for Months, Now Fending Off Repo Man.”

Quoted

Pandemic to Have Long-Term Impact on US Subprime Auto Market, Says New Report from Davis & Gilbert

Sep 16, 2020

Credit Chronometer’s second annual market study “Participants’ Expectations in a Time of Crisis” was mentioned in an Asset Finance International article "Pandemic to Have Long-Term Impact on US Subprime Auto Market, Says New Report from Davis & Gilbert."

Quoted

Hertz Nears Temporary Deal with ABS Creditors

Jul 22, 2020

Joseph Cioffi was quoted in a GlobalCapital article, "Hertz Nears Temporary Deal with ABS Creditors.”

Quoted

Seeking Clarity

Jul 16, 2020

Joseph Cioffi was quoted in a Structured Credit Investor article, "Seeking Clarity."

Quoted

Study Highlights Subprime Resiliency during COVID-19

Jun 29, 2020

Joseph Cioffi was quoted in a SubPrime Auto Finance News article, "Study Highlights Subprime Resiliency during COVID-19."

Quoted

The Grapevine

Jun 26, 2020

Credit Chronometer’s second annual market study “Participants’ Expectations in a Time of Crisis” was mentioned in Asset-Backed Alert's "The Grapevine."

Quoted

Subprime Auto Performance Eyed

Jun 25, 2020

Joseph Cioffi was quoted in a Structured Credit Investor article, "Subprime Auto Performance Eyed."

Quoted

Credit Chronometer: Auto ABS Market COVID-era Outlook Similar to Pre-pandemic

Jun 24, 2020

Joseph Cioffi was quoted in an Asset Securitization Report article, "Credit Chronometer: Auto ABS Market COVID-era Outlook Similar to Pre-pandemic."

Quoted

Coronavirus COVID-19 Automotive News: Research, Rides & Growth

Jun 24, 2020

Credit Chronometer's second annual market study "Participants' Expectations in a Time of Crisis" was quoted in an AUTO Connected Car News article "Coronavirus COVID-19 Automotive News: Research, Rides & Growth."

Press Releases

COVID-19 Expected to Have Long-Term Impact on Subprime Auto

Jun 24, 2020

NEW YORK, June 24, 2020 – Auto market participants are expecting subprime auto loan performance to deteriorate, and many predict COVID-19 will have a long-term impact on the sector. However, participants also show signs of resiliency, according to the second annual market study released today by Davis & Gilbert LLP’s Credit Chronometer. Authored by Davis & Gilbert LLP partner Joseph Cioffi, the Credit Chronometer report, Participants' Expectations in a Time of Crisis, summarizes the results of ...

Quoted

Shift in Consumer Behaviour Rewrites the Book on ABS Risk

Jun 18, 2020

Joseph Cioffi was quoted in a GlobalCapital article, "Shift in Consumer Behaviour Rewrites the Book on ABS Risk.”

Publications

Lessons Learned in RMBS Litigation Will Steer Sub-prime Auto Litigation

Jun 10, 2020

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. Click here to view the full article.

Quoted

Perfect Storm: Hertz Bankruptcy to Reshape Auto ABS?

Jun 09, 2020

Joseph Cioffi was quoted in a Structured Credit Investor article, "Perfect Storm: Hertz Bankruptcy to Reshape Auto ABS?”

Quoted

The Auto-Appocolypse Could Shove the U.S. Economy Off a Cliff

Jun 03, 2020

Joseph Cioffi was quoted in a CCN.com article, "The Auto-Appocolypse Could Shove the U.S. Economy Off a Cliff.” 

Publications

How Subprime RMBS Can Prepare Us for Subprime Auto Litigation in the Time of COVID-19

May 19, 2020

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 subprime auto participants should be aware to set realistic expectations in any litigation. To read the ...

Quoted

Why America’s $1.3tn Car-Loan Market Cannot Avoid a Pile-Up

Apr 03, 2020

Joseph Cioffi was quoted in The Financial Times article, "Why America’s $1.3tn Car-Loan Market Cannot Avoid a Pile-Up." 

Quoted

April Cover: Containing Market Fallout in the ABS World

Apr 03, 2020

Joseph Cioffi was quoted in an Asset Securitization Report article, "April Cover: Containing Market Fallout in the ABS World."

Quoted

Testing Times: MPL Platforms Addressing Coronavirus Impact

Mar 27, 2020

Joseph Cioffi was interviewed by Structured Credit Investor, "Testing Times: MPL Platforms Addressing Coronavirus Impact." 

Quoted

Court Solution Seen for Libor Issue

Mar 20, 2020

Joseph Cioffi was quoted in an Asset-Backed Alert article, "Court Solution Seen for Libor Issue."

Quoted

Incomplete Fallbacks Attracting Opportunists

Mar 09, 2020

Joseph Cioffi was consulted for an Asset-Backed Alert update, "Incomplete Fallbacks Attracting Opportunists."

Quoted

GTE Financial's Auto-Loan Securitization Play Could Be a Game Changer

Feb 18, 2020

Joseph Cioffi was quoted in an Asset Securitization Report article, "GTE Financial's Auto-Loan Securitization Play Could Be a Game Changer."

Quoted

Test Drive: Trailblazing Auto-Loan Securitization Paves the Way for Credit Union ABS

Feb 17, 2020

Joseph Cioffi was quoted in an Asset Securitization Report article, "Test Drive: Trailblazing Auto-Loan Securitization Paves the Way for Credit Union ABS."

Conferences

AFSA Vehicle Finance Conference & Expo, February 12-14, 2020

Feb 07, 2020

Davis & Gilbert is proud to be a Premier Business Partner and exhibitor at the American Financial Services Association’s (AFSA) Vehicle Finance Conference & Expo in Las Vegas on February 12 – 14, 2020. Be sure to stop by our booth to meet Joseph Cioffi, and to learn more about Credit Chronometer and our Subprime Auto Loan Market Study. For more information or to register, please visit the conference website.

Quoted

Long Road Ahead: Climate Change Management in US RMBS Slow to Appear

Jan 23, 2020

Joseph Cioffi was quoted in the Structured Credit Investor article, “Long Road Ahead: Climate Change Management in US RMBS Slow to Appear.”

Quoted

The Other Subprime Debt Problem

Dec 12, 2019

Joseph Cioffi was interviewed for the WNYC Radio Morning Edition program, "The Other Subprime Debt Problem."

Quoted

Yield-Crazed Investors Pile Into US Subprime Car Loans

Nov 25, 2019

Joseph Cioffi was quoted in a Financial Times article, "Yield-Crazed Investors Pile Into US Subprime Car Loans."

Auto Loans Quoted

LISTEN: ValueWalk’s ValueTalks Podcast – “Joseph Cioffi – Participants' Expectations Point the Way to the Future of Subprime Auto”

Jul 19, 2019

Joseph Cioffi recently sat down with Raul Panganiban of ValueWalk, a site covering the latest financial news impacting hedge funds and asset managers with an emphasis on value investing, for their podcast “ValueTalks.” Joseph and Raul discussed the results of Credit Chronometer’s inaugural market study, Participants’ Expectations Point the Way to the Future of Subprime Auto, and in particular, Joseph’s views regarding the outlook of the market based on the anonymous survey results which backed ...

Auto Loans Quoted

LISTEN: Auto Remarketing Podcast - “Why Subprime ‘Pessimism’ Might be Merited”

Jul 11, 2019

Joseph Cioffi recently sat down with Nick Zulovich of SubPrime Auto Finance News for an episode of the Auto Remarketing Podcast. The interview took place at the National Auto Finance Association’s Non-Prime Auto Finance Conference in Plano, Texas, where expert presentations and conversations with insiders generally mirrored the results of the Credit Chronometer’s market study, Participants Expectations Point the Way to the Future of Subprime Auto. Adding to all of the great content shared at ...

Conferences

"How to Protect Against the Largest Category of Fraud for Lenders?" Non-Prime Auto Financing Conference, June 5-7, 2019

Jun 05, 2019

On June 7, Joseph Cioffi, Davis & Gilbert Insolvency, Creditor’s Rights & Financial Products Chair, will speak on a panel titled “How to Protect Against the Largest Category of Fraud for Lenders?” at the 23rd Annual Non-Prime Auto Financing Conference taking place in Plano, Texas on June 5-7. Panel Overview: The indirect Retail Installment Contract purchase model is inefficient. Dealers don’t always have adequate controls in place to manage the risk of fraud introduced by F&I managers. Dealer ...

Quoted

New Rules

Jun 05, 2019

Joseph Cioffi was quoted in a SCI Magazine article, "New Rules."

Quoted

Auto Loan-Delinquency Rise Moderates as Banks Focus on Credit Quality

May 31, 2019

Joseph Cioffi was quoted in a S&P Global Market Intelligence article, "Auto Loan-Delinquency Rise Moderates as Banks Focus on Credit Quality."

Quoted

Study Details ‘Pessimism’ About Future Subprime Performance

May 29, 2019

Joseph Cioffi was quoted in a SubPrime Auto Finance News article, "Study Details ‘Pessimism’ About Future Subprime Performance."

Quoted

Market Anxiety Around Subprime Auto Sector Growing

May 22, 2019

Joseph Cioffi was quoted in a GlobalCapital article, "Market Anxiety Around Subprime Auto Sector Growing."

Auto Loans Press Releases

Subprime Auto Securitization Participants Universally Believe Performance is Likely to Deteriorate, According to New Study by Credit Chronometer

May 22, 2019

NEW YORK, May 21, 2019 – Subprime auto loan performance is expected to deteriorate soon, according to a 360-degree market study released today by Credit Chronometer, a microsite authored by Joseph Cioffi, partner at Davis & Gilbert LLP and respected authority on credit markets. The report, Participants’ Expectations Point the Way to the Future of Subprime Auto, summarizes the results of an anonymous study of nearly 100 originators, investors, servicers, trustees and other securitization market ...

Quoted

Survey Indicates Growing Worries in Subprime Auto ABS Deterioration

May 22, 2019

Joseph Cioffi was quoted in an Asset Securitization Report article, "Survey Indicates Growing Worries in Subprime Auto ABS Deterioration." 

Quoted

Auto Lending Accelerates but Performance Weakening

Feb 13, 2019

Joseph Cioffi was quoted in a GlobalCapital article, “Auto Lending Accelerates but Performance Weakening.”

Quoted

Junior Demand: Credit Enhancement Concerns Raised

Feb 08, 2019

Joseph Cioffi was quoted in a Structured Credit Investor article, “Junior Demand: Credit Enhancement Concerns Raised,” February 8, 2019.

Quoted

Subprime Loans Set to Grow in Personal and Mortgage But to Fall in Auto

Jan 23, 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.

Quoted

2019 Survival Guide: How Lenders Are Planning for the Year Ahead

Jan 04, 2019

Joseph Cioffi was quoted in an Auto Finance News article, “2019 Survival Guide: How Lenders Are Planning for the Year Ahead.”

Quoted

Risk Factors to Watch in 2019

Jan 02, 2019

Joseph Cioffi was quoted in an Auto Finance Excellence article, “Risk Factors to Watch in 2019.”

Quoted

Credit Enhancement Can’t Cure All Ills in Subprime Auto Market

Sep 06, 2018

Joseph Cioffi was quoted in an Asset Securitization Report article, “Credit Enhancement Can’t Cure All Ills in Subprime Auto Market.”

Quoted

Honor Finance’s ABS Downgrade Signals Market Contraction

Jul 30, 2018

Joseph Cioffi was quoted in an Auto Finance News article, “Honor Finance’s ABS Downgrade Signals Market Contraction.”

Quoted

Ballooning Losses at Honor Finance Spark KBRA Downgrade Warning

Jun 13, 2018

Joseph Cioffi was quoted in an Auto Finance News article, “Ballooning Losses at Honor Finance Spark KBRA Downgrade Warning.”

Quoted

Undisciplined Nonbank Subprime Auto Lenders Still at Risk

May 31, 2018

Joseph Cioffi contributed to a Blueshift Research report, “Undisciplined Nonbank Subprime Auto Lenders Still at Risk.”

Publications

Law360, “Federal Vs. State: The Fight To Regulate Student Loans”

Apr 18, 2018

Joseph Cioffi discusses the heavyweight fight brewing between federal and state authorities over whose rules should govern the servicing of student loans in his latest article published in Law360. In “Federal Vs. State: The Fight To Regulate Student Loans,” the authors note that the battle appears headed for the courts, where the outcome will likely depend upon judicial interpretation of the preemption doctrine.  To read the full article, click here.

Publications

Federal Vs. State: The Fight To Regulate Student Loans

Apr 10, 2018

Joseph Cioffi’s article, “Federal Vs. State: The Fight To Regulate Student Loans,” was published in Law360. Click here to view the full article.

Quoted

Lawyers Eye Student-Loan Servicers

Mar 16, 2018

Joseph Cioffi was quoted in an Asset-Backed Alert article, “Lawyers Eye Student-Loan Servicers.”

Quoted

Subprime Auto Bonds Caught in Vise of Rising Costs, Bad Loans

Mar 14, 2018

Joseph Cioffi was quoted in a Bloomberg article, “Subprime Auto Bonds Caught in Vise of Rising Costs, Bad Loans.” Click here to view the full article.

Quoted

5 Ways Mobility Will Change the Secondary Market

Feb 28, 2018

Joseph Cioffi was quoted in an Auto Finance News article, “5 Ways Mobility Will Change the Secondary Market.”

Quoted

HELOCs Poised For Comeback in 2018

Feb 26, 2018

Joseph Cioffi was quoted in a GlobalCapital article, “HELOCs Poised For Comeback in 2018.”

Quoted

Fed Sounds Alarm on Marketplace Lending

Nov 13, 2017

Joseph Cioffi was quoted in a GlobalCapital article, “Fed Sounds Alarm on Marketplace Lending.” Click here to view the full article.

Quoted

Pre-Emptive Lawsuits Envisaged

Nov 03, 2017

Joseph Cioffi was quoted in a Structured Credit Investor article, “Pre-Emptive Lawsuits Envisaged.” Click here to view the full article.

Quoted

Is Anyone Taking Consumer Credit Risk Seriously?

Oct 31, 2017

Joseph Cioffi was quoted in a GlobalCapital article, “Is Anyone Taking Consumer Credit Risk Seriously? Click here to view the full article.

Quoted

Legal Issues Weigh on Earnest Acquisiton

Oct 30, 2017

Joseph Cioffi was quoted in a Structured Creditor Investor article, “Legal Issues Weigh on Earnest Acquisition” Click here to view the full article.

Quoted

Davis & Gilbert Experts Find 4 Signs of Subprime Auto ABS Market Vulnerability

Oct 20, 2017

Joseph Cioffi was quoted in a SubPrime article, “Davis & Gilbert Experts Find 4 Signs of Subprime Auto ABS Market Vulnerability.” Click here to view the full article.

Quoted

Legal Challenges Tied to Subprime – Auto Bonds Are Possible: Wells Fargo

Oct 17, 2017

Joseph Cioffi was quoted in a Bloomberg Law article, “Legal Challenges Tied to Subprime – Auto Bonds Are Possible: Wells Fargo.”

Quoted

ABSolute Value: Legal Event Risk and Subprime Auto – Caution Warranted With Spreads at Multi-Year Tights

Oct 17, 2017

Credit Chronometer was featured in a Wells Fargo Securities – Consumer ABS Research article, “ABSolute Value: Legal Event Risk and Subprime Auto – Caution Warranted With Spreads at Multi-Year Tights.”

Quoted

Subprime Auto ABS Credit Enhancements Spark Debate

Oct 17, 2017

Joseph Cioffi was quoted in a GlobalCapital article, “Subprime Auto ABS Credit Enhancements Spark Debate.” Click here to view the full article.

Quoted

Lawyer Claims ABS Structures Show Signs of Weakness, Despite Ratings

Oct 12, 2017

Joseph Cioffi was quoted in an Auto Finance News article, “Lawyer Claims ABS Structures Show Signs of Weakness, Despite Ratings.” Click here to view the full article.

Quoted

Trustees Build Cases Against Auto Lenders

Oct 10, 2017

Joseph Cioffi was quoted in an Asset-Backed Alert article, “Trustees Build Cases Against Auto Lenders”. Click here to view the full article.

Press Releases

Closer Look at Credit Enhancements in Subprime Auto ABS Market Show Signs of Vulnerability – New “Credit Chronometer” to Analyze Developments Impacting Credit Markets.

Oct 10, 2017

New York, NY, October 10, 2017 – Davis & Gilbert partner Joseph Cioffi, a widely-respected authority on loan and securitization markets, has found that credit enhancements supporting subprime auto asset-backed securities (ABS) do not necessarily provide the same level of protection as credit enhancements supporting pre-financial crisis era subprime residential mortgage-backed securities (RMBS), leaving them more vulnerable to market shifts and shocks than many realize. These observations were ...

Publications

Financial Institution Lawsuits Against Equifax Tempt Consumer Backlash

Oct 10, 2017

Joseph Cioffi’s article, “Financial Institution Lawsuits Against Equifax Tempt Consumer Backlash” was published in ValueWalk. Click here to view the full article.

Quoted

Mortgage Settlements Surpass $158B, Lawsuits Could Persist for Years to Come

Aug 09, 2017

Joseph Cioffi was quoted in an S&P Global Market Intelligence article, “Mortgage Settlements Surpass $158B, Lawsuits Could Persist for Years to Come.” Click here to view the full article.

Quoted

Wells Fargo’s Latest Scandal Raises Specter of Board Removal

Aug 07, 2017

Joseph Cioffi was quoted in an S&P Global Market Intelligence article, “Wells Fargo’s Latest Scandal Raises Specter of Board Removal.” Click here to view the full article

Quoted

6 Compliance Topics Lenders Need to Watch

Aug 01, 2017

Joseph Cioffi was quoted in an Auto Finance News article, “6 Compliance Topics Lenders Need to Watch.” Click here to view the full article.

Quoted

Compliance Pros Fret Arbitration Rule Will Fuel Litigation

Jul 31, 2017

Joseph Cioffi was quoted in an Inside the Consumer Financial Protection Bureau article, “Compliance Pros Fret Arbitration Rule Will Fuel Litigation.” Click here to view the full article.

Quoted

Lehman Estate Targets Mortgage Originators

Jul 28, 2017

Joseph Cioffi was quoted in an Asset-Backed Alert article, “Lehman Estate Targets Mortgage Originators.”

Quoted

CFPB Arbitration Rule Could Fuel Litigation, Impair Securitization Market Liquidity

Jul 21, 2017

Joseph Cioffi was quoted in an Inside MBS & ABS article, “CFPB Arbitration Rule Could Fuel Litigation, Impair Securitization Market Liquidity.” Click here to view the full article.

Publications

The Dark Side of Automation: Impact on Subprime Auto Borrowers

Jul 11, 2017

Joseph Cioffi’s article, “The Dark Side of Automation: Impact on Subprime Auto Borrowers” was published in ValueWalk. Click here to view the full article.

Publications

Oh, The Indemnity! New Claims May Follow RMBS Settlements

Jul 06, 2017

Joseph Cioffi and Seiji Newman’s article, “Oh, The Indemnity! New Claims May Follow RMBS Settlements” was published in Law360. Click here to view the full article.

Quoted

US Banks Pull Back From $1.2tn Car Loans Market: Overstretched Consumers Raise Fears of Bubble in Echo of Subprime Mortgage Crisis

May 29, 2017

Joseph Cioffi was quoted in a Financial Times article, “US Banks Pull Back From $1.2tn Car Loans Market: Overstretched Consumers Raise Fears of Bubble in Echo of Subprime Mortgage Crisis.” Click here to view the full article.

Quoted

US Consumer Debt Deters Big Banks From 1.2tn Car-Loan Market

May 29, 2017

Joseph Cioffi was quoted in an Irish Times article, “US Consumer Debt Deters Big Banks From 1.2tn Car-Loan Market.” Click here to view the full article.

Quoted

Asset Securitization Report, “Yes, the President’s Words Do Matter, Even for Student Loan Litigation”

May 09, 2017

In a recent Asset Securitization Report article, Joseph Cioffi examines how the President’s campaign rhetoric and post-election plans may support a court ruling that a class action lawsuit is a more reliable and superior way to enforce borrower rights relative to a competing action by a weakened CFPB or an inherently weak successor agency. Joseph notes that the administration seems poised to follow through on campaign promises of less regulation and reducing the CFPB’s enforcement power, ...

Publications

Yes, the President’s Words Do Matter, Even for Student Loan Litigation

May 09, 2017

Joseph Cioffi’s article, “Yes, the President’s Words Do Matter, Even for Student Loan Litigation,” was published in Asset Securitization Report. Click here to view the full article.

Quoted

Subprime Auto Lenders Put on Notice Over Ties to Shady Dealers

Apr 24, 2017

Joseph Cioffi was quoted in an American Banker article, “Subprime Auto Lenders Put on Notice Over Ties to Shady Dealers.” Click here to view the full article.

Quoted

American Banker, “Subprime auto lenders put on notice over ties to shady dealers”

Apr 24, 2017

Joseph Cioffi is quoted in an American Banker article discussing the recent settlement between the Massachusetts Attorney General and Santander, arising from alleged fraudulent auto loan activity at certain “high-risk” car dealerships. Joseph says, “The lesson is that audits and controls in place are not enough, you can’t just monitor a problem. You have to take action.” Click here to view the full article.

Publications

Madden Creates More Uncertainty for Marketplace Lenders

Mar 23, 2017

Joseph Cioffi and Massimo Giugliano’s article, “Madden Creates More Uncertainty for Marketplace Lenders” was published in Law360. Click here to view the full article.

Quoted

Rising Delinquencies the New Normal for Subprime Auto Lending

Mar 22, 2017

Joseph Cioffi was quoted in a Blueshift Research report, “Rising Delinquencies the New Normal for Subprime Auto Lending.” Click here to view the full article.

Quoted

American Banker, “Crisis in Student Loan Servicing is Building”

Mar 22, 2017

In a recent American Banker article, “Crisis in Student Loan Servicing is Building,” Joseph Cioffi discusses how actions against the largest student loan servicer, Navient, may expose improper practices in student loan servicing that are contributing to the student loan debt crisis. As Joseph notes, in a similar way, actions against subprime mortgage servicers exposed issues that contributed to the subprime mortgage fallout. Joseph notes the total impact of servicing issues is unknown, and it ...

Publications

Crisis in Student Loan Servicing is Building

Mar 22, 2017

Joseph Cioffi’s article, “Crisis in Student Loan Servicing is Building,” was published in American Banker. Click here to view the full article.

Quoted

Blueshift Research, “Rising Delinquencies the New Normal for Subprime Auto Lending”

Mar 22, 2017

Joseph Cioffi contributes to Blueshift Research’s report featuring an in-depth look into subprime auto loans from a diverse range of industry perspectives, including, new and used car dealerships, repossessors and finance companies. Regarding the inevitable comparison to subprime mortgage lending, Joseph notes, “Large financial institutions were making large bets in that market. It was a widespread phenomenon. The subprime auto loan market may become a very large problem for a more contained ...

Quoted

Does Latest Surge in Past-Due Car Loans Mean Problem is Here to Stay?

Mar 07, 2017

Joseph Cioffi was quoted in an American Banker article, “Does Latest Surge in Past-Due Car Loans Mean Problem is Here to Stay?” Click here to view the full article.

Quoted

American Banker, “Does Latest Surge in Past-Due Car Loans Mean Problem is Here to Stay?”

Mar 07, 2017

Joseph Cioffi contributes his insights to this American Banker article that provides perspectives from industry insiders regarding the trends affecting auto loan performance, including longer maturities on used auto loans. “Borrowers can get underwater very easily on a used car with a 7-year loan,” Joseph said. Click here to view the full article.

Publications

Claims Against Navient Echo Problems with Subprime Mortgage Loan Servicers

Feb 23, 2017

Joseph Cioffi co-authored a Davis & Gilbert Insolvency Alert titled “Claims Against Navient Echo Problems with Subprime Mortgage Loan Servicers.” Click here to view the full Alert.

Publications

Recent Actions Against Navient May Expose Problems Contributing to the Student Loan Debt Crisis

Jan 26, 2017

Joseph Cioffi co-authored a Davis & Gilbert Insolvency Alert titled “Recent Actions Against Navient May Expose Problems Contributing to the Student Loan Debt Crisis.” Click here to view the full Alert.

Quoted

Heavy Burden: Student Loan Servicing Under the Spotlight

Jan 25, 2017

Joseph Cioffi was quoted in a Structured Credit Investor article, “Heavy Burden: Student Loan Servicing Under the Spotlight.” Click here to view the full article.

Quoted

Structured Credit Investor, “Heavy Burden: Student Loan Servicing Under the Spotlight”

Jan 25, 2017

This Structured Credit Investor article highlights Joseph Cioffi’s impressions of the recent CFPB v. Navient case and how the spotlight on Navient may reveal systemic issues in student loan servicing, which could result in further litigation. As Joseph points out, “there is the issue down the line that we could see more lawsuits like the Navient one come to light and particularly servicers could see more lawsuits against them.” Click here to view the full article.

Quoted

Navient Lawsuit and Parallels Student Loans/Subprime Mortgage Crisis

Jan 21, 2017

Joseph Cioffi was quoted in a ValueWalk article, “Navient Lawsuit and Parallels Student Loans/Subprime Mortgage Crisis.” Click here to view the full article.

Quoted

ValueWalk, “Navient Lawsuit and Parallels Student Loans/Subprime Mortgage Crisis”

Jan 21, 2017

Joseph Cioffi offers ValueWalk an in-depth look into the lawsuit against Navient, the largest student loan servicer. Joseph shares his thoughts on the similarities with the subprime mortgage crisis, growing sentiment in favor of student loan borrowers and the effect of the new presidential administration on the industry. Joseph states, “Prior to 2007, few, if any, knew how overburdened, outmanned and poorly equipped subprime mortgage servicers were to deal with widespread defaults…” Click here ...

Quoted

Trouble with Green Energy PACE Loans

Jan 19, 2017

Joseph Cioffi was quoted in a ValueWalk article, “Trouble with Green Energy PACE Loans.” Click here to view the full article.

Quoted

Tick, Tick, Tick for DOJ. With Time Running Out, Feds Ramp Up Mortgage Litigation

Jan 07, 2017

Joseph Cioffi was quoted in a Banking Exchange article, “Tick, Tick, Tick for DOJ. With Time Running Out, Feds Ramp Up Mortgage Litigation.” Click here to view the full article.

Quoted

With Time Running Out, U.S. Government Ramps up Mortgage Litigation

Dec 29, 2016

Joseph Cioffi was quoted in an S&P Global Market Intelligencearticle, “With Time Running Out, U.S. Government Ramps up Mortgage Litigation.” Click here to view the full article.

Publications

A Whole Lot of Hurt in Auto Lending May Be Coming

Dec 23, 2016

Joseph Cioffi’s article, “A Whole Lot of Hurt in Auto Lending May Be Coming” was published in American Banker. Click here to view the full article.

Quoted

American Banker, “A Whole Lot of Hurt in Auto Lending May Be Coming”

Dec 23, 2016

Joseph Cioffi shared his insights with American Banker, authoring an article, “A Whole Lot of Hurt in Auto Lending May be Coming,” examining troubles on the horizon for subprime auto lenders and investors in subprime auto loan ABS. Joseph draws comparisons and significant distinctions between current market conditions and practices in the auto loan industry and the market forces and industry practices in subprime mortgage lending leading up to the financial crisis of 2008. Joseph anticipates ...

Quoted

Is Auto Lending Headed Down the Same Path as Mortgage Lending?

Dec 20, 2016

Joseph Cioffi was quoted in a Lending Times article, “Is Auto Lending Headed Down the Same Path as Mortgage Lending?” Click here to view the full article.

Quoted

New ABS Rule Unlikely to Escalate Disparate Impact Cases, Lawyer Says

Dec 19, 2016

Joseph Cioffi was quoted in an Auto Finance News article, “New ABS Rule Unlikely to Escalate Disparate Impact Cases, Lawyer Says.” Click here to view the full article.

Quoted

Credit Decline May Spur ‘Big’ Problems, Lawyer Says

Dec 14, 2016

Joseph Cioffi was quoted in an Auto Finance News article, “Credit Decline May Spur ‘Big’ Problems, Lawyer Says.” Click here to view the full article.

Publications

Is Risk Retention in the Future of Marketplace Lending?

Dec 14, 2016

Joseph Cioffi co-authored a Davis & Gilbert Insolvency Alert titled “Is Risk Retention in the Future of Marketplace Lending?” Click here to view the full Alert.