Two Inflation Narratives; Credit Suisse & Ginnie Mae MSRs
The big take away from Q4 2022 earnings is that credit expenses are headed higher and at a brisk pace
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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
R. Christopher Whalen
- 6 days ago
- 7 min
Why the FT is Wrong About Ally Financial
Ally is still more finance company than bank and really has no core deposit base worthy of the name.
430 views
R. Christopher Whalen
- Jan 25
- 8 min
Silvergate, Reverse RPs and the “Theology of Prosperity”
Crypto, of course, is not an asset as much as a bad idea that was given life by Quantitative Easing
692 views
R. Christopher Whalen
- Jan 23
- 6 min
Update: Bank of America
We hear in the channel that regulators are making their views of future loss probabilities very clear in guidance to the top banks
325 views
R. Christopher Whalen
- Jan 19
- 9 min
Interview: Mike Patterson, Freedom Mortgage
In this issue of The Institutional Risk Analyst, we speak to Mike Patterson, COO of Freedom Mortgage.
707 views
R. Christopher Whalen
- Jan 16
- 7 min
Goldman Drops Restatement; Jamie Dimon Drops the Ball on "Frank"
The Fed’s de facto embrace of inflation encourages misallocation of economic resources on a grand scale....
619 views
R. Christopher Whalen
- Jan 13
- 6 min
Update: JPMorganChase & Wells Fargo
But nothing lasts forever in mortgage land or in financials. Stay tuned and pay attention to LT rates and spreads...
430 views
R. Christopher Whalen
- Jan 9
- 7 min
Crypto Collateral Damage Mounts
In other words, those residual claims on crypto issuers that have been trading at pennies on the dollar may have no value whatsoever.
628 views
R. Christopher Whalen
- Jan 4
- 7 min
Update: Truist, Charles Schwab, U.S. Bancorp & PNC Financial
The largest banks continue to serve as a haven for refugees from crypto fraud schemes and the fintech swoon, but are not cheap
441 views
R. Christopher Whalen
- Dec 30, 2022
- 9 min
Predictions for the New Year 2023
Will Fannie Mae and Freddie Mac require another federal rescue in 2023 or beyond?
1,137 views
R. Christopher Whalen
- Dec 22, 2022
- 6 min
GNMA, FNMA Seize Assets from Reverse Mortgage Funding Estate
The US government now owns the largest reverse lender in the country.
957 views
R. Christopher Whalen
- Dec 20, 2022
- 5 min
Outliers: CapitalOne, Goldman Sachs & Citigroup
Like most nonbanks (and Goldman Sachs is predominantly a nonbank), volumes are falling and funding costs are rising.
522 views
R. Christopher Whalen
- Dec 16, 2022
- 6 min
The Year That Was: 2022
Many in the Buy Side chorus are looking forward to lower interest rates, but we are concerned that next year could really be about solvency
604 views
R. Christopher Whalen
- Dec 12, 2022
- 4 min
Rising Interest Rates? Really?
Since 2008, dollar swap spreads have traded below Treasury yields, suggesting a persistent demand for dollars coming from offshore.
754 views
R. Christopher Whalen
- Dec 9, 2022
- 5 min
Blockchain, Crypto & Falling Liquidity
Whether we are talking about corporate credit exposures or housing, the short trade may be the place to be over the next year.
470 views
R. Christopher Whalen
- Dec 6, 2022
- 1 min
Bank M2M Losses Surge in Q3 to $347 Billion
Rapidly rising interest rates in Q3 2022 pushed down the tangible capital for the US banking industry to negative $1.9 trillion
433 views
R. Christopher Whalen
- Dec 2, 2022
- 6 min
RMF Bankruptcy Signals Systemic Risk in GNMA Market
Bankruptcy of Reverse Mortgage Funding may be first step in a systemic crisis affecting the government loan market
935 views
R. Christopher Whalen
- Nov 28, 2022
- 6 min
Is JPMorgan Chase Insolvent?
The US banking industry has been rendered insolvent by the Federal Open Market Committee
5,321 views
R. Christopher Whalen
- Nov 25, 2022
- 9 min
Crypto Crash Signal End of Fintech?
Despite all the hyperbole, the great crypto fraud was a small game, like the party poker that many crypto enthusiasts share in common
329 views
R. Christopher Whalen
- Nov 19, 2022
- 1 min
Record Losses for Mortgage Banks Presage Tough Year Ahead
Is 2023 the year of the Return of the Distressed Loan Trade?
489 views
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