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.
About the Blog
You can unsubscribe at any time.
About the Author
Joseph Cioffi is a partner at Davis & Gilbert in New York City where he is Chair of the Insolvency, Creditors’ Rights & Financial Products Practice Group, a multidisciplinary practice spanning transactional work, insolvency and litigation. Joseph has written for or has been quoted by numerous publications, including American Banker, Law360, Asset Securitization Report, The Banking Law Journal, The Journal of Bankruptcy Law and Auto Finance News, regarding auto loans, student loans, Property Assessed Clean Energy (PACE) loans, marketplace lending and subprime residential mortgage-backed securities (RMBS). Joseph has a unique perspective afforded by his experience in all stages of credit and market cycles – from cradle to grave – including in subprime lending operations and RMBS litigation and defense of fraudulent transfer actions brought by the trustee for the liquidation of Bernard L. Madoff Securities LLC. For Joseph’s full background, click here.