No End to Conservatorship for Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac will likely sit in conservatorship indefinitely unless and until Congress acts first.
The Institutional Risk Analyst
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R. Christopher Whalen
- 4 days ago
- 9 min
Universal Banks | Morgan Stanley, Goldman Sachs, Charles Schwab, Raymond James & Stifel
Total noncore funding at GS was over $700 billion at the end of Q1 2022 vs $321 billion for MS.
275 views
R. Christopher Whalen
- Aug 10
- 5 min
The FOMC Embraces Debt Deflation
The deflation of 2023 is about marking down all types of real assets to the price level that equates with a non-QE world.
569 views
R. Christopher Whalen
- Aug 7
- 7 min
Update: Guild Mortgage & Block Inc.
Since Block has not yet changed its ticker symbol, perhaps Mr. Dorsey will eventually change the company's name back to Square...
286 views
R. Christopher Whalen
- Jul 31
- 8 min
Short Collateral & Long Tantrums
Demand for risk-free collateral and liquidity is largely a function of how JPMorgan (JPM) CEO Jamie Dimon feels about risk on any given day
781 views
R. Christopher Whalen
- Jul 27
- 5 min
Update: Mr. Cooper Group
We agree with the assessment by Leon Cooperman of COOP management that this firm is one of the best positioned IMBs in the industry...
317 views
R. Christopher Whalen
- Jul 24
- 6 min
Questions for Chairman Powell
QE has created a gigantic interest rate mismatch across markets for banks, non-banks and other financial intermediaries including the GSEs
471 views
R. Christopher Whalen
- Jul 21
- 5 min
Should the FOMC Pause Rate Hikes After July?
The real message to the FOMC is this: hike another 75bp in July and then let the Fed funds target sit for a few meetings...
576 views
R. Christopher Whalen
- Jul 19
- 6 min
Interest Rates & Bank Earnings
The good news for BAC and other banks is that there is a discernable lift underway on the yield of bank balance sheets
328 views
R. Christopher Whalen
- Jul 18
- 3 min
Dollar Remains World Reserve Currency
Once again the US is coming out of a global crisis as the cleanest dirty shirt in the laundry.
464 views
R. Christopher Whalen
- Jul 13
- 4 min
Update: Ally Financial (ALLY)
The 5-year CDS spreads for ALLY were trading 280bp over the swaps curve compared with 120bp for Citigroup (C) & 150bp for CapitalOne
265 views
R. Christopher Whalen
- Jul 11
- 5 min
Elon Musk, China & Twitter (TWTR)
Why did Elon Musk ever pretend that he was able to acquire TWTR, a transaction the US government would never allow.
1,322 views
R. Christopher Whalen
- Jul 7
- 5 min
Top Five US Banks by Market Performance
In times of market volatility and suddenly ended delusions of easy money, the prudent path is to fly to quality.
398 views
R. Christopher Whalen
- Jul 4
- 6 min
Hard Landings & Systemic Crypto
Putting dollar leverage under crypto tokens – that is to say, under nothing – makes for infinite dollar risk.
529 views
R. Christopher Whalen
- Jun 29
- 8 min
Bank Earnings Setup: JPM, USB, WFC, BAC & Citi
Most of the banks in our surveillance group are down between 10% and 30% so far this year, but none of these are particularly cheap as yet
401 views
R. Christopher Whalen
- Jun 27
- 3 min
Bank Liquidity & Quantitative Tightening (QT)
A "normal" level for US bank deposits would be closer to $15 trillion than $19.9 trillion today.
810 views
R. Christopher Whalen
- Jun 22
- 5 min
New Residential Pivots, Gets "Rithm"
NRZ must pay $400 million to Fortress to end the relationship with the external manager, a final act of squeezing NRZ shareholders
407 views
R. Christopher Whalen
- Jun 20
- 8 min
The Fed and Housing
Issuing CMOs via the GSEs could help the FOMC out of its trading mess, but represents a monumental irony.
1,401 views
R. Christopher Whalen
- Jun 15
- 5 min
Update: US Banks Post-QE
Even as the FOMC raises interest rates, we caution our readers to be prepared for disappointment from banks near term
385 views
R. Christopher Whalen
- Jun 12
- 7 min
QE = Supranormal Credit Risk
Given the demand for safe assets, the true risk free rate today is probably less than zero. Ponder that Chairman Powell
533 views