The Institutional Risk Analyst

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

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

There a brisk debate ongoing in the fixed income markets over how much the Federal Open Market Committee will raise interest rates and when

In our view, Guild Mortgage is one of the highest quality businesses in the residential mortgage space.

We add a new dimension of risk to the normalization of US bank earnings with the Russian war against Ukraine.

UPST has seen its valuation cut by 60% since March of last year, when its common equity traded at a mere 31x book value.

Among the ten largest mortgage specialization banks, NexBank had among the best equity returns in Q3 2021

Collateralized lending in the US was essentially impossible outside of banks from 1925 through the mid-1970s...

We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.

We ask whether bank fundamentals are starting to catch up to the very full equity market valuations , up 40% since the end of 2020

When issuers like RKT and PFSI are paying up for servicing assets, you know that the secondary loan market is getting tougher by the day.

The good news is that NRZ is growing and making strides in terms of asset creation and, especially, asset retention.

Risk to investors in the market for residential mortgages is rising and from multiple sources

Look for the FOMC to act early and go big in terms of forward repurchase agreements at the first sign of liquidity stress.

WAL is one the best performing small banks in the US based upon equity market valuations, profits and growth rates

This week we speak with Stan Middleman, founder and CEO of Freedom Mortgage, about the US economy and the outlook for residential mortgages

In the Q3 2021 edition of The IRA Bank Book, we document the slow destruction of US bank asset and equity returns by the FOMC.

Progressives in and outside of the media are on a mission, to find a problem to solve – even if none actually exists...

We expect to see a lot more M&A activity over the next 12 – 18 months, as that’s the only way for some players to grow share.

Growing numbers of investors are burned by mortgage stocks. Big question: Will the industry snap back due to now falling interest rates?