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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

Sep 22, 20228 min read

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

731 views

Interview: David Stevens on GNMA Capital Rule & ICE + BKI

R. Christopher Whalen

Sep 11, 20228 min read

Interview: David Stevens on GNMA Capital Rule & ICE + BKI

The entire mortgage industry will have a single point of failure with the ICE/BKI combination

1,837 views

R. Christopher Whalen

Aug 25, 20226 min read

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

347 views

Interview: Scott Olson of Community Home Lenders of America

R. Christopher Whalen

Aug 24, 20226 min read

Interview: Scott Olson of Community Home Lenders of America

The banks have left the government market. Now Ginnie Mae seems bound and determined to drive the IMBs out of government lending as well

701 views

R. Christopher Whalen

Aug 21, 20227 min read

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

568 views

R. Christopher Whalen

Jul 27, 20225 min read

Update: Mr. Cooper Group

We agree with the assessment by Leon Cooperman of COOP management that this firm is one of the best positioned IMBs in the industry...

353 views

Should the FOMC Pause Rate Hikes After July?

R. Christopher Whalen

Jul 21, 20225 min read

Should the FOMC Pause Rate Hikes After July?

The real message to the FOMC is this: hike another 75bp in July and then let the Fed funds target sit for a few meetings...

603 views

R. Christopher Whalen

Jul 19, 20226 min read

Interest Rates & Bank Earnings

The good news for BAC and other banks is that there is a discernable lift underway on the yield of bank balance sheets

353 views

R. Christopher Whalen

Jun 22, 20225 min read

New Residential Pivots, Gets "Rithm"

NRZ must pay $400 million to Fortress to end the relationship with the external manager, a final act of squeezing NRZ shareholders

809 views

R. Christopher Whalen

Jun 20, 20228 min read

The Fed and Housing

Issuing CMOs via the GSEs could help the FOMC out of its trading mess, but represents a monumental irony.

1,616 views

R. Christopher Whalen

Jun 15, 20225 min read

Update: US Banks Post-QE

Even as the FOMC raises interest rates, we caution our readers to be prepared for disappointment from banks near term

410 views

R. Christopher Whalen

May 29, 20222 min read

The IRA Bank Book | Outlook Q2 2022

The sharp rise in bank stocks in 2021 coincided with a surge in operating income due to COVID. Now we reverse that trend in 2022...

402 views

FOMC vs TGA; PennyMac Financial & United Wholesale Mortgage

R. Christopher Whalen

May 25, 20229 min read

FOMC vs TGA; PennyMac Financial & United Wholesale Mortgage

Net, net, the dynamics in the market are actually forcing interest rates down

649 views

Interview: Dan Sogorka of Sagent Lending Technologies

R. Christopher Whalen

May 16, 20227 min read

Interview: Dan Sogorka of Sagent Lending Technologies

The new technology that powers the Sagent-Cooper vision for servicing is already proven in the market

724 views

Does ICE + Black Knight = Shareholder Value?

R. Christopher Whalen

May 11, 20228 min read

Does ICE + Black Knight = Shareholder Value?

ICE buying the revenue streams represented by BKI is a big bet on yesterday, not a bold initiative to change the mortgage industry

465 views

The Next Trade: Banks, Nonbanks and Mortgage Servicing Rights

R. Christopher Whalen

Apr 6, 20224 min read

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

660 views

The Residential Mortgage Finance Top Twenty Seven

R. Christopher Whalen

Apr 4, 20222 min read

The Residential Mortgage Finance Top Twenty Seven

Who is going to acquire and restructure Blend Labs (BLND) before this newbie-fintech-something runs out of cash?

314 views

Why the FOMC Cannot Sell its Mortgage Bonds

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