For years, investors bought bonds backed by auto loans because they were considered extremely reliable, even amidst harsh financial markets and downturns in the economy. For the first time in decades, concerns are growing in the subprime auto market and regulators are watching closely. Joseph Cioffi was quoted in the ProPublica article, “Wall Street Bet Big on Used-Car Loans for Years. Now a Crisis May Be Looming,” foretelling how actions involving the Consumer Financial Protection Bureau, including one before the U.S. Supreme Court, could determine the course of the industry going forward.
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