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.
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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
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....
627 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.
632 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.
523 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.
755 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
434 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
945 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
5,331 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 17, 2022
- 7 min
Extension Risk Threatens US Banks
There are literally dozens of banks in the US made insolvent by the policy moves of the FOMC over the past year.
1,151 views
R. Christopher Whalen
- Oct 26, 2022
- 4 min
Update: Mr. Cooper (COOP)
Despite the outlook for the industry, COOP continues to be one of the better performing names in our mortgage surveillance group.
269 views
R. Christopher Whalen
- Oct 17, 2022
- 7 min
Will the FOMC Break the Financials?
Will the market risk created by quantitative tightening (QT) tip over a large bank or nonbank financial firm?
739 views
R. Christopher Whalen
- Oct 6, 2022
- 6 min
Nonbank Lenders: The Dead Pool
With the Fed doubling down on rate increases, the pressure on all manner of nonbank finance companies and fintech platforms is growing.
606 views
R. Christopher Whalen
- Oct 2, 2022
- 10 min
Large Banks: QT Winners & Losers
A number of readers have asked us to talk about the winners and losers among large banks in the current interest rate environment.
731 views
R. Christopher Whalen
- Sep 22, 2022
- 8 min
The Bear Case for Ginnie Mae Issuers
The nightmare scenario in the government loan market is that FHA loan delinquency rises to the point where issuers become insolvent
636 views
R. Christopher Whalen
- Sep 8, 2022
- 5 min
Update: The Bull Case for US Financials
Investors who were buying large caps at 2x book value a year ago are now running away from bank stocks just as fundamentals improve...
487 views
R. Christopher Whalen
- Sep 6, 2022
- 5 min
Pink Floyd: Inflation & Asset Prices
The assumption of price volatility on the part of consumers and business managers is at the heart of inflation expectations
479 views
R. Christopher Whalen
- Aug 25, 2022
- 6 min
Update: Blend Labs & loanDepot Inc.
If the merger of Black Knight and Intercontinental Exchange goes through, the expanded ICE monopoly will simply give POS tools away for free
318 views
R. Christopher Whalen
- Aug 21, 2022
- 7 min
Interest Rates, FinTechs & MSRs
Interest rates are starting to be very positive, and bank deposit rates are barely moving, so pretense of fintech as bank killer is over
509 views
R. Christopher Whalen
- Aug 15, 2022
- 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.
388 views
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