I pick the car, kick the tires, so to speak on the market and then said, you know, I think things are still okay here for now, but let’s keep an eye on it because of this lawyer happens to be right. Our first analysis of the sufficiency of credit enhancements was actually picked up by a Wells Fargo industry analyst who responded to it right away. And so we started credit chronometer back in middle of 2017. Uh, but also with the soulmate act similarities, we wanted to start talking about what we’ve seen and how it relates and try to keep people out of trouble and try to help folks. And one of the key areas we looked at was subprime auto because there are some similarities there differences to be sure. Other credit markets where we can see some of the, some, some of the same issues, either in play or potentially could be at play, uh, going forward.Īnd we’d like to see if we could help folks through our own learning over the years, how can we help out there either, you know, work their way through problems or avoid problems going forward. And since we saw that over so many years, the idea that we had was that we’ve got an awful lot of learning in residential mortgage backed securities, which is very relatable transferrable to. Um, and in investments, the bankruptcies, uh, holding distress loans on the lender side, and now what’s happened over the years is all the fallout of all the litigation from investors and trustees and parties even suing each other.Īll the costs of the losses that were a result of the financial crisis. This hit then having to deal with the distress of originators. 17 years, you know, back from the heyday when new originations were, uh, going wild and, and, you know, just every, every wonder one would be in the game in securitization.Īnd, uh, we follow that whole cycle through from the strong days, uh, and the volume that was before 2007 financial crisis. You know, it’s really been, you know, it’s a real gratifying experience, just, you know, for background, you know, we’ve been in my firm and in my practice we’ve been involved in residential mortgage backed securities for about. Joe, can you tell us a little bit about credit chronometer and how, how you started it?

It’ll, it’s always nice to press flesh, but we’ll, we’ll do things virtually. And we’ll get into some of the agenda items. Be interviewing Jack, uh, tomorrow, uh, for the podcast. So I’m glad we’ve been able to keep our relationship. I think that that kind of was all received at the conference. Um, so we’ll handle things a little differently this year, but yes, that was the fraud panel. Times have certainly changed since the last time we saw each other. You know, time goes by really fast and, you know, looking forward to being part of the NAF conference, the virtual conference this year. At the NAF conference, was it last year we were doing some fraud panels and you were kind enough to join us and share your insights. Yeah, it has been a while now, Joe, you and I met. It’s good to see you again and hear your voice again. Uh, I’m really excited to have Joe here, Joe, welcome to the pod. It’s a resource dedicated to analyzing the effects of marketplace events, on future performance, specifically within the securitization markets.

Joe has a unique perspective on credit market cycles and he shares his learnings in credit chronometer. Joseph is a partner at Davidson Gilbert, New York City, where he is the chair of the insolvency creditors rights and financial products practice group. Joel welcomes Joseph Cioffi, Partner and Chair of the Insolvency, Creditors’ Rights & Financial Products Practice Group at Davis & Gilbert, to discuss his Subprime Auto Loan Credit Chronometer, a must-read survey that analyzes credit ratings, credit enhancements and credit quality to provide a quick view of risk in the market.

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