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....
top of page
The Institutional Risk Analyst
© 2003-2023 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812 | Terms & Conditions | FAQs
Banks | Markets | Fintech
Christopher Whalen
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
1,014 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
888 views
R. Christopher Whalen
- May 15
- 6 min
Fed Asymmetry Threatens Credit Crisis
The price volatility injected into markets by the Fed is a primary reason why the FDIC cannot easily find buyers for smaller banks.
3,392 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
1,451 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.
1,154 views
R. Christopher Whalen
- Mar 26
- 10 min
Update: New York Community Bank
We liked the NYCB + Flagstar story prior to the transaction with the FDIC for the assets and deposits of Signature Bank.
1,116 views
R. Christopher Whalen
- Mar 14
- 8 min
QE & the Yellen Banking Crisis
By any reasonable standard, Janet Yellen should have already resigned, but not in the strange world of Washington.
3,123 views
R. Christopher Whalen
- Mar 6
- 8 min
Atlas Stumbles, Silvergate Wallows; 360 Mortgage v. Fortress (and RITM)
Are nonbank mortgage firms a risk to Ginnie Mae? Or is it really the other way around?
1,702 views
R. Christopher Whalen
- Mar 2
- 6 min
RKT Sinks, UWMC Wobbles, RITM Treads Water & Goldman Doubles Down
GS is a securities dealer first and foremost and has no comparative advantage as a bank.
871 views
R. Christopher Whalen
- Feb 23
- 7 min
The Return of Credit Risk
Fact is, Dr. Brainard has primary culpability in the growing economic pain being felt around the country.
2,325 views
R. Christopher Whalen
- Feb 13
- 8 min
Ginnie Mae - Credit Suisse = ? A Biden MSR Tax? Does BKI + ICE = < 2?
Our view is that the BKI purchase is a horrible deal for ICE shareholders, a value killer of epic proportions
1,008 views
R. Christopher Whalen
- Feb 9
- 7 min
Mortgage Wrap; PennyMac Financial, Rithm Capital & MSRs
We suspect that the IMBs will be sellers of conventional assets to defend their Ginnie Mae MSRs. Banks may be buyers of conventional assets
515 views
R. Christopher Whalen
- Feb 3
- 9 min
Two Inflation Narratives; Credit Suisse & Ginnie Mae MSRs
The big take away from Q4 2022 earnings is that credit expenses are headed higher and at a brisk pace
780 views
R. Christopher Whalen
- Jan 19
- 9 min
Interview: Mike Patterson, Freedom Mortgage
In this issue of The Institutional Risk Analyst, we speak to Mike Patterson, COO of Freedom Mortgage.
848 views
R. Christopher Whalen
- Jan 13
- 6 min
Update: JPMorganChase & Wells Fargo
But nothing lasts forever in mortgage land or in financials. Stay tuned and pay attention to LT rates and spreads...
492 views
R. Christopher Whalen
- Dec 22, 2022
- 6 min
GNMA, FNMA Seize Assets from Reverse Mortgage Funding Estate
The US government now owns the largest reverse lender in the country.
1,171 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
1,018 views
R. Christopher Whalen
- Nov 19, 2022
- 1 min
Record Losses for Mortgage Banks Presage Tough Year Ahead
Is 2023 the year of the Return of the Distressed Loan Trade?
526 views
R. Christopher Whalen
- Nov 15, 2022
- 6 min
Loan Delinquency, EBOs & Ginnie Mae MSRs
It seems obvious that the reported book value metrics coming from many commercial banks, REITs and mortgage banks are a tad inflated...
739 views
bottom of page