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
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The Institutional Risk Analyst
© 2003-2024 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance
R. Christopher Whalen
Jan 23, 20236 min read
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
536 views
R. Christopher Whalen
Jan 16, 20237 min read
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....
748 views
R. Christopher Whalen
Jan 13, 20236 min read
Update: JPMorganChase & Wells Fargo
But nothing lasts forever in mortgage land or in financials. Stay tuned and pay attention to LT rates and spreads...
498 views
R. Christopher Whalen
Dec 22, 20226 min read
GNMA, FNMA Seize Assets from Reverse Mortgage Funding Estate
The US government now owns the largest reverse lender in the country.
1,404 views
R. Christopher Whalen
Dec 16, 20226 min read
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
627 views
R. Christopher Whalen
Dec 12, 20224 min read
Rising Interest Rates? Really?
Since 2008, dollar swap spreads have traded below Treasury yields, suggesting a persistent demand for dollars coming from offshore.
824 views
R. Christopher Whalen
Dec 6, 20221 min read
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
519 views
R. Christopher Whalen
Nov 28, 20226 min read
Is JPMorgan Chase Insolvent?
The US banking industry has been rendered insolvent by the Federal Open Market Committee
8,018 views
R. Christopher Whalen
Nov 25, 20229 min read
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
358 views
R. Christopher Whalen
Nov 17, 20227 min read
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.
1,214 views
R. Christopher Whalen
Nov 10, 20225 min read
Update: Crypto Fraud Crumbles as Bank Stocks Surge
Crypto has gone from a sort-of juiced up equity strategy to a distressed credit story in just hours.
442 views
R. Christopher Whalen
Nov 7, 20227 min read
Brief: The Return of Home Equity Loans
Every residential mortgage loan made in 2020-2021 is likely to be underwater by the end of 2023
1,339 views
R. Christopher Whalen
Nov 2, 20226 min read
Terminal Rates & Conflicted Economists
The cult of ever falling interest rates goes back 50 years and spans the terms of Fed chairs back to Alan Greenspan and Paul Volcker...
701 views
R. Christopher Whalen
Oct 28, 20227 min read
Update: Credit Suisse (CS) & PennyMac Financial (PFSI)
Like COOP, volumes are down dramatically from 2021 but MSR values and cash flows from servicing are rising
958 views
R. Christopher Whalen
Oct 26, 20224 min read
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.
297 views
R. Christopher Whalen
Oct 24, 20223 min read
AOCI: The Winter of Quantitative Easing
Little attention is being paid to the collateral damage being done by the FOMC to the debt capital markets
778 views
R. Christopher Whalen
Oct 17, 20227 min read
Will the FOMC Break the Financials?
Will the market risk created by quantitative tightening (QT) tip over a large bank or nonbank financial firm?
801 views
R. Christopher Whalen
Sep 27, 20223 min read
Short QE, Long Volatility
Until the FOMC raises interest rates to more “normal” levels, we don’t expect actual volatility to decline.
452 views
R. Christopher Whalen
Sep 18, 20229 min read
Inflation, Politics & Fed Chairmen
As the scale of Fed open market operations grew since 2008, volatility has increased, rendering the adjustment from QE to QT problematic
1,071 views
Christopher Whalen
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