Changing State of the US Consumer
Credit implications of student loan relief beyond the borrowers
The Biden administration’s recently announced relief for student loan borrowers, including debt forgiveness of up to $20,000, will have effects across a wide range of credit sectors as well as the broader economy. Join experts from Moody’s with insights on schools, lenders, exposed asset-backed securities, and the macroeconomic consequences. Speakers will cover both the recent announcement, the big picture for higher education, and how we got here, as well as specific types of fallout with likely or potential credit implications.
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Agenda13:30 - 14:30EDT
Topics of Discussion:
- Which households will be most and least affected by the plan, and what are the implications for the economy and specific groups over the longer term?
- What will the impacts be on the securitization market, including for Federal Family Education Loan Program (FFELP) transactions? And, what do the latest policy moves say about “social risk”?
- What impact will the plans have on future students and their schools and lenders, and what issues in the broader topic are still lingering after the recent action?
- How will the plan affect student loan servicers and different types of lending?
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SpeakersSusan Fitzgerald Managing Director – Public Finance Moody's Investors Service
Joseph Grohotolski Vice President - Senior Analyst Moody's Investors Service
Cris deRitis Deputy Chief Economist Moody's
William Black Managing Director - Consumer Structured Finance Ameircas Moody's Investors Service
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Susan Fitzgerald is a Managing Director in Moody’s Investors Service Public Finance Group, overseeing the healthcare, higher education, housing and municipal supported products ratings teams. Previously, she managed Moody’s global higher education and nonprofit team, covering over 700 colleges, universities, and nonprofit institutions worldwide. She has also been involved in various initiatives related to ESG analysis, charter schools, and public-private partnerships.
Susan’s other prior work experience includes managing the financial advisory practice at a boutique investment banking and advisory firm; serving as commercial credit analyst for a community bank; owning and operating an art gallery and a bed and breakfast; and as the assistant director of development, focused on foundation and corporate relations, for a graduate school.
Susan holds a Master’s degree in International Studies (European Studies and Economics) from The Johns Hopkins University, School of Advanced International Studies. Her A.B. degree in Diplomacy and World Affairs, with a minor in Economics, is from Occidental College, Los Angeles.
Joe Grohotolski is a Vice President/Senior Analyst in the Structured Finance Group at Moody’s Investors Service. His primary responsibility is rating student loan ABS transactions.
Prior to rejoining the Structured Finance Group Joe was a Senior Vice President in Moody’s Compliance Department from 2008 to 2015. During this time he managed the Compliance Department’s Surveillance Unit, Securities Trade Monitoring Unit and Information Technology Unit. Joe also focused on compliance matters related to structured finance.
Joe was also a Vice President/Senior Credit Officer in the Structured Finance Group at Moody’s Investors Service from 2001 to 2008. His primary responsibility was rating Residential Mortgage-Backed Securities (RMBS).
Joe holds an M.B.A. from Lehigh University and a B.A. in Economics from the University of Rochester.
Cristian deRitis, Deputy Chief Economist at Moody’s Analytics, specializes in assessing the economy’s impact on household finance, housing, credit markets and public policy. Named on two U.S. patents for credit modeling, he created loss forecasting and stress testing systems for financial institutions. He joined Moody’s in 2008, after serving as a director with Fannie Mae. He also was an adjunct professor of economics at Johns Hopkins University.
William Black, Managing Director – Structured Finance Group – is responsible for Moody’s securitization and covered bond ratings businesses in the Americas.
William currently heads four teams of credit professionals located in the US, Canada and Latin America, and is responsible for the ratings and surveillance of a variety of consumer-focused ABS and RMBS asset classes. Prior to this role, he headed the US ABS primary ratings team. William has published and spoken extensively on Moody’s behalf and serves as an editorial board member for two related monthly newsletters, ABS Spotlight and ResiLandscape. William earned a BA in Economics from Vanderbilt University and an MBA at Fordham's Graduate Business School.