Does PacWest + Banc of California + Warburg Pincus = Value?
The Q2 2023 disclosure for PACW suggests an institution that is bleeding cash and operating in extremis...
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The Institutional Risk Analyst
© 2003-2023 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Fintech
R. Christopher Whalen
- Aug 23
- 6 min
Update: Goldman Sachs + Citigroup; Interest Rates Higher Longer?
We continue to believe that combining Citi and GS may make sense in terms of consolidating two capital markets businesses
611 views
R. Christopher Whalen
- Aug 9
- 5 min
Update: Western Alliance Bancorp
With industry losses on every loan closed well north of 200 bp, you might ask yourself why WAL would still be buying conventional loans.
745 views
R. Christopher Whalen
- Aug 4
- 6 min
RITM Goes Multi Asset; TCBI Shrinks Assets, Grows Returns
TCBI needs to keep efficiency in the 50s if they want to survive the coming drought in mortgage lending.
410 views
R. Christopher Whalen
- Jul 28
- 5 min
Washington Trip Notes; Mr. Cooper & PennyMac Financial
The last Treasury Secretary that tried to extend the maturities of US government debt was Jack Lew (2013-2017). Yellen missed an opportunity
638 views
R. Christopher Whalen
- Jul 25
- 5 min
Losses Mount Due to FOMC Policy "Tax"
Inflation is called a “hidden tax,” but lately the tax is not even barely concealed.
1,258 views
R. Christopher Whalen
- Jul 20
- 5 min
Update: U.S. Bancorp & Goldman Sachs
We expect to see USB trading at a discount to JPM and Peer Group 1 until the bank improves its operating leverage to pre-COVID levels.
520 views
R. Christopher Whalen
- Jul 16
- 6 min
What Does Washington Federal Say About Bank Earnings?
We all dodged a bullet in Q2 2023 because the repricing of assets and deposits slowed from the crazy levels seen at the end of March.
912 views
R. Christopher Whalen
- Jul 8
- 7 min
Mortgage Lenders Face Return of a Purchase Market
The “winners” in the mortgage sector will be those larger players with equally large servicing books that can access bank funding
890 views
R. Christopher Whalen
- Jul 5
- 6 min
Housing, China & the Dollar
The world of secured finance is still coming to grips with the idea of several more increases in the federal funds rate this year.
935 views
R. Christopher Whalen
- Jul 3
- 7 min
Top Five Banks: JPMorgan Leads the Pack
JPM is really a large mutual fund with a bank attached, as shown in the table below.
797 views
R. Christopher Whalen
- Jun 28
- 7 min
Profile: Comerica Inc.
If the FOMC raises the target rate for fed funds further, then banks like CMA are likely to come under renewed selling pressure.
1,349 views
R. Christopher Whalen
- Jun 26
- 8 min
Update: Mortgage Lenders, TBA Contango & MSRs
We look for lower prices for legacy MBS and MSRs as new allocations are used up and P&Ls sink deeper into the red...
1,069 views
R. Christopher Whalen
- May 29
- 7 min
Calculate the WAC of Bank of America
If you believe that the Fed is going to keep interest rates at or above current levels through to 2024, then we have a problem....
2,718 views
R. Christopher Whalen
- May 25
- 8 min
Interest Rates, MSRs, Mortgage Putbacks & FICO Scores
Persistent talk about a 5.5% 30-year mortgage rate later this year is badly wrong as TBAs flip from 5.5% to 6% coupons for delivery in June
1,108 views
R. Christopher Whalen
- May 21
- 2 min
Mortgage Rates Headed for 7% as Residential Defaults Slowly Rise
We think that further Fed tightening, plus sales of MBS from FDIC and banks generally, may force mortgage rates higher into the 7% range
979 views
R. Christopher Whalen
- May 17
- 5 min
Banks, Commercial Real Estate & Credit
The Fed's 5.5% increase in short-term interest rates has thrown the pricing for trillions of dollars in real estate into disarray.
1,116 views
R. Christopher Whalen
- May 10
- 8 min
Is USA still a "AAA" Credit? Really? Update: Rithm Capital
When interest rates eventually fall those late vintage mortgage loans with 6% coupons will evaporate like spring snow in the sunshine
1,495 views
R. Christopher Whalen
- Apr 30
- 6 min
Update: Mr. Cooper & PennyMac Financial
Both PFSI and COOP are navigating the current market well, but we have questions about where the former is headed.
1,212 views
R. Christopher Whalen
- Apr 19
- 7 min
The Bank Deposit Run Is Not Over
The funding crisis affecting US banks is not over and very definitely not limited to smaller banks.
4,546 views
Christopher Whalen
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