Update: Flying Fintechs & Zombie Banks
COIN has been helped by a groundswell of positive comment about crypto in 2023...
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The Institutional Risk Analyst
© 2003-2023 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Fintech
R. Christopher Whalen
- 3 days ago
- 6 min
The Moral Hazard of Jerome Powell
Instead of seeking authority from Congress, Chairman Bernanke and other members of the FOMC merely turned on the public spigot.
1,312 views
R. Christopher Whalen
- Nov 20
- 6 min
Yield Curve Normalization Good for Banks?
We think that doing nothing is a fool’s trade, to be blunt, because the next Treasury refunding could pull market yields sharply higher.
884 views
R. Christopher Whalen
- Nov 17
- 6 min
Recessions Signs in Texas & China
The mood in the Dallas mortgage community is subdued, much like the atmosphere after an especially good party.
485 views
R. Christopher Whalen
- Nov 14
- 3 min
Housing Finance Outlook Q4 2023
Baring some emergency, the Fed seems on track to keep interest rates at current levels indefintely.
519 views
R. Christopher Whalen
- Nov 13
- 8 min
Big What? Rising Debt Service & Falling Liquidity
As with the Volcker Rule for banks, the move to centralized clearing of Treasuries and T-1 settlement seems destined to reduce liquidity
815 views
R. Christopher Whalen
- Nov 8
- 5 min
Update: Bank of America
If you conduct a fire sale analysis of BAC's balance sheet as of Q3 2023, the result more than wipes out the bank's tangible equity
1,044 views
R. Christopher Whalen
- Nov 6
- 4 min
ACH: The Bank Deposit Ain't in the Mail
Was the breakdown of the normally stable and, indeed, routine workings of the Clearinghouse the result of bad actors?
1,127 views
R. Christopher Whalen
- Nov 1
- 6 min
Update: PennyMac Financial Services
If we are marking balance sheet assets to actual market in the age of deflation, what of the heavily modeled world of servicing assets?
474 views
R. Christopher Whalen
- Oct 30
- 4 min
Rate Peak Emerges, Deflation Looms
One of the effects of QE has been making many banks and real estate investors insolvent, a precursor to debt defaults.
1,475 views
R. Christopher Whalen
- Oct 26
- 9 min
Interest Rates, Fintech & MSRs
Regulatory skepticism about mortgage assets could effect financing rates for lenders, which means higher mortgage rates for consumers.
501 views
R. Christopher Whalen
- Oct 24
- 5 min
QE Means Higher for Longer, But No Recession
We look for modest rate cuts in 2025, followed by an equally modest boom in mortgage lending
976 views
R. Christopher Whalen
- Oct 19
- 6 min
Are Bank Stocks Undervalued? Which Ones & Why
Large universal banks that ply the capital markets and use essentially infinite leverage in the derivatives markets face challenges
990 views
R. Christopher Whalen
- Oct 17
- 4 min
Charles Schwab Unwinds the QE Trade
Rising interest rates are not good for bank earnings or bank equity valuations.
1,473 views
R. Christopher Whalen
- Oct 15
- 7 min
Bank Earnings Takeaways -- JPM, WFC and Citi
Bank earnings can be best described as cautiously mediocre, but as usual the Street proclaimed that three banks "beat the estimates"
710 views
R. Christopher Whalen
- Oct 11
- 6 min
Jerome Powell's Silent Crisis
The Powell Fed needs to drop short-term interest rates back down to 4% and leave them there indefinitely.
1,445 views
R. Christopher Whalen
- Oct 9
- 7 min
Texas Capital Bank v Ginnie Mae
The legal dispute between Ginnie Mae and Texas Capital Bank makes additional defaults by HECM lenders more likely...
880 views
R. Christopher Whalen
- Oct 3
- 6 min
Top Five Bank Earnings Setup | Q3 2023
Did we mention margin calls on Treasury and mortgage-backed securities (MBS) and rising mark-to-market losses on securities...
1,453 views
R. Christopher Whalen
- Oct 2
- 6 min
Credit Suisse\UBS to Apollo: Bye, Bye
UBS ultimately seems intent upon running off the remaining US mortgage assets, including a few billion in Ginnie Mae MSR financings
828 views
R. Christopher Whalen
- Sep 27
- 9 min
SoftBank as Systemic Event; Update: Charles Schwab & Co
The public behavior and decision-making processes of SoftBank suggest that the organization is in trouble.
1,260 views
Christopher Whalen
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