The Next Trade: Banks, Nonbanks and Mortgage Servicing Rights
Many of the startups, investment flows and SPAC transactions that proliferated in 2020-2021 are likely to be casualties in the next several
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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
Mar 31, 20225 min read
Why the FOMC Cannot Sell its Mortgage Bonds
With MBS prices falling, the FOMC may have to accept the natural runoff rate for the MBS in the SOMA for many years to come
3,519 views
R. Christopher Whalen
Mar 28, 20226 min read
Top Five US Banks: USB, JPM, WFC, C & BAC
Valuations for the top five US banks are up slightly as Q1 2022 comes to an end
397 views
R. Christopher Whalen
Mar 21, 20226 min read
Will SOFR Be the Death of Jay Powell?
If the Fed causes another liquidity crisis as it ends QE and shrinks the balance sheet, then Chairman Powell should immediately resign.
1,373 views
R. Christopher Whalen
Mar 15, 20225 min read
QE, Risk Premia and Option Adjusted Spreads
There a brisk debate ongoing in the fixed income markets over how much the Federal Open Market Committee will raise interest rates and when
862 views
R. Christopher Whalen
Mar 9, 20224 min read
A Tale of Two Mortgage SPACs: UWMC and FOA
Why did FOA write down $1.4 billion in intangible equity, yet UWM took no similar write down?
362 views
R. Christopher Whalen
Feb 14, 20226 min read
The Curse of Humphrey Hawkins
If you consider QE “stimulus” inflationary, then Fed policy actually accelerated inflation in the November-January period.
1,015 views
R. Christopher Whalen
Jan 24, 20224 min read
Stocks Waver, Spreads Widen -- A Little
Spreads have a long way to go before we return to the crisis levels of Q1 2020. And we are not nearly ready to go shopping.
642 views
R. Christopher Whalen
Jan 21, 20225 min read
Powell, Yellen, Bernanke and Post-QE Deflation
The Powell FOMC has lost all credibility when it comes to financial markets or managing inflation and independence from the US Treasury
788 views
R. Christopher Whalen
Jan 6, 20225 min read
Interest Rates, Stocks & MSRs
We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.
541 views
R. Christopher Whalen
Dec 7, 20217 min read
Fed Tightens Months Late, Even as it Attacks Liquidity
any of the problems that the Fed now seeks to fix, starting with the unnecessary elimination of LIBOR, are a function of earlier policies...
747 views
R. Christopher Whalen
Nov 15, 20214 min read
As the Fed Ends QE, Stocks and Crypto Will Retreat
And in the meantime, we view the end of QE as a net negative for global stocks as well as crypto. Everything is correlated in a crowd.
1,148 views
R. Christopher Whalen
Nov 3, 20217 min read
Update: New Residential Investment, Fortress & Softbank
The good news is that NRZ is growing and making strides in terms of asset creation and, especially, asset retention.
879 views
R. Christopher Whalen
Oct 25, 20216 min read
Three Questions for Chairman Powell
Look for the FOMC to act early and go big in terms of forward repurchase agreements at the first sign of liquidity stress.
671 views
R. Christopher Whalen
Oct 17, 20218 min read
Interview: Stan Middleman on the Outlook for Housing and the Economy
This week we speak with Stan Middleman, founder and CEO of Freedom Mortgage, about the US economy and the outlook for residential mortgages
1,058 views
R. Christopher Whalen
Oct 15, 20217 min read
Zombie Banks, Crypto & MSRs
Fact is, we are all staring at computers or handsets, all of which are connected to the internet.
684 views
R. Christopher Whalen
Oct 6, 20215 min read
Powell Reappointment Still Likely
Amidst the yelling and screaming of Elizabeth Warren, we suspect that Jay Powell will survive the crisis
416 views
Christopher Whalen
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