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.
In this ValueWalk article, Joseph Cioffi offers insight into concerns surrounding the Property Assessed Clean Energy program (PACE), including the adequacy of disclosures made at the time a PACE-funded project is sold to a homeowner as a means of financing energy efficient home improvements through a tax assessment on the property. Click here to view the full article.
This Banking Exchange article, prompted by the DOJ’s recent lawsuit against Barclays, discusses the longer statute of limitations available to the government, relative to private plaintiffs, to sue participants in the subprime mortgage securitization process. As Joseph states, for the immediate future “the 10-year statute of limitations remains an arrow in the government’s quiver.” Click here to view the full article.
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….
In this Structured Credit Investor article concerning the potential effects of Madden v. Midland Funding on marketplace lending platforms, Joseph provides suggestions for platforms seeking to adapt to the ruling and the potential for the ruling to shape the industry. Joseph notes, “if partner banks start to get more involved in the origination process so as to avoid the problems of Madden, these banks may start to question why they need the platforms at all and there is the potential that they may simply take over the process entirely.” Click here to view the full article….