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."

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 participants, on topics such as credit quality, the sufficiency of credit enhancement protections and the ability to obtain and maintain desired credit ratings. Participants’ views in these areas diverge, at key points, from the generally upbeat sentiment publicly reported. The full findings can be downloaded here.

“This pessimism for the future exists despite a rosy past, given that a majority of respondents have not yet incurred a loss ...

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 and James Serritella discuss the heavyweight fight brewing between federal and state authorities over whose rules should govern the servicing of student loans in their 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 and James Serritella’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 made on a newly launched blog, the Credit Chronometer, in which Mr. Cioffi and team will be analyzing economic, market and political events that shape the legal landscape, and impact loan and structured credit markets, including those for auto loans, marketplace lending (peer-to-peer), student loans, mortgage loans and Property Assessed Clean Energy (PACE) financing.

In a blog post, Mr. Cioffi noted that the subprime mortgage collapse left clues for the future of subprime auto ABS. “Credit enhancements in those deals could not always fully absorb losses from the real estate crash and its impact on loan performance and recoveries,” said Mr. Cioffi. “Subprime auto ABS makes no such mistake regarding vehicles, but the corollary to the assumption of never ending real estate appreciation may be the presumed continued performance by auto loan borrowers.” Mr. Cioffi has a warning for those who structure deals with too heavy a reliance on excess ...

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, including actions affecting the Public Service Loan Forgiveness program and for-profit schools’ federal aid eligibility.

To read the full article, click here.

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 may in fact be too late for servicers to avoid litigation, but there is always room for improvements in servicing practices which, in turn, could prevent deepening of the nation’s student loan debt problem. To read the full article, click here.

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 market. It doesn’t carry the systemic risk of the subprime bubble.” Click here to view the full article.

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 to view the full article.

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 auto lending will follow an inevitable cycle, and in the end the winners will be those who learn from the past and take corrective action now. To read the full article, click here.

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.

Quoted

Honor Finance Issues ‘Risky’ Deep Subprime Auto ABS, Lawyer Says

Dec 12, 2016

Joseph Cioffi was quoted in an Auto Finance News article, “Honor Finance Issues ‘Risky’ Deep Subprime Auto ABS, Lawyer Says.”

Click here to view the full article.

Publications

Marketplace Lending Regulatory Landscape Begins to Take Shape with the OCC’s Plans for a National Charter

Dec 07, 2016

Joseph Cioffi co-authored a Davis & Gilbert Insolvency Alert titled “Marketplace Lending Regulatory Landscape Begins to Take Shape with the OCC’s Plans for a National Charter.”

Click here to view the full Alert.

Quoted

As Subprime Auto Loan Delinquencies Spike, Parallels And Differences With 2008 Housing Crisis Linger

Dec 02, 2016

Joseph Cioffi was quoted in a ValueWalk article, “As Subprime Auto Loan Delinquencies Spike, Parallels And Differences With 2008 Housing Crisis Linger.”

Click here to view the full article.

Quoted

Strong Interest for Honor’s High-Risk Subprime Auto Debut – IFR News

Dec 02, 2016

Joseph Cioffi was quoted in an International Financing Review article, “Strong Interest for Honor’s High-Risk Subprime Auto Debut – IFR News.”

Click here to view the full article.

Quoted

Natixis Says Suit Over $400M in RMBS Losses is Too Late

Aug 23, 2016

Joseph Cioffi was quoted in a Law360 article, “Natixis Says Suit Over $400M in RMBS Losses is Too Late.”

Click here to view the full article.

Publications

Spotlight Remains on Marketplace Lenders Post-Madden

Jul 13, 2016

Joseph Cioffi and Massimo Giugliano’s article, “Spotlight Remains on Marketplace Lenders Post-Madden” was published in Law360.

Click here to view the full article.

Quoted

Next Steps: Madden Ruling Created Landscape of Uncertainty

Jul 12, 2016

Joseph Cioffi was quoted in a Structured Credit Investor article, “Next Steps: Madden Ruling Created Landscape of Uncertainty.”

Click here to view the full article.

Quoted

Supreme Court Rejects Midland Appeal in Major Blow to Marketplace Lenders

Jun 28, 2016

Joseph Cioffi was quoted in an AltFi article, “Supreme Court Rejects Midland Appeal in Major Blow to Marketplace Lenders.”

Click here to view the full article.

Quoted

Madden Uncertainty to Continue

Jun 28, 2016

Joseph Cioffi was quoted in a Structured Credit Investor article, “Madden Uncertainty to Continue.”

Click here to view the full article.

Quoted

Structured Credit Investor, “Madden Uncertainty to Continue”

Jun 28, 2016

Joseph Cioffi offers the following quote to Structured Credit Investor, concerning the Madden v. Midland Funding case, “Not only are marketplace lenders at risk, but so will be the sponsors and other participants in the securitization of marketplace loans to the extent loans are held unenforceable or interest rates are reduced. Experience shows that when cashflows to investors are reduced, litigation follows.” Click here to view the full article.

Publications

U.S. Supreme Court Leaves Marketplace Lenders Exposed to Further Claims Related to Loans They Issue and Securitize

Jun 28, 2016

Joseph Cioffi co-authored a Davis & Gilbert Insolvency Alert titled “U.S. Supreme Court Leaves Marketplace Lenders Exposed to Further Claims Related to Loans They Issue and Securitize.”

Click here to view the full Alert.

Quoted

Legal Experts Respond to SCOTUS Decision Not to Review Second Circuit Madden vs. Midland Decision

Jun 27, 2016

Joseph Cioffi was quoted in a Crowdfund Insider article, “Legal Experts Respond to SCOTUS Decision Not to Review Second Circuit Madden vs. Midland Decision.”

Click here to view the full article.

Publications

Challenges to Marketplace Lending Structures May Ultimately Impact Securitizations

Jun 23, 2016

Joseph Cioffi co-authored a Davis & Gilbert Insolvency Alert titled “Challenges to Marketplace Lending Structures May Ultimately Impact Securitizations.”

Click here to view the full Alert.

Quoted

New York Court Dismisses Madoff Trustee’s Fraud Claims Against Investment Funds

Mar 21, 2016

Joseph Cioffi was quoted in a Global Restructuring Review article, “New York Court Dismisses Madoff Trustee’s Fraud Claims Against Investment Funds.”

Click here to view the full article.

Publications

Regulations Targeting Auto Lending May Ultimately Increase Litigation Related To Securitizations

Jan 26, 2016

Joseph Cioffi co-authored a Davis & Gilbert Insolvency Alert titled “Regulations Targeting Auto Lending May Ultimately Increase Litigation Related To Securitizations.”

Click here to view the full Alert.