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.
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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
- 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...
1,088 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....
2,729 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
1,113 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
985 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.
1,120 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
1,497 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.
1,235 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.
4,553 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.
3,146 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?
1,752 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.
884 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.
2,365 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
1,030 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
523 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.
871 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...
494 views
R. Christopher Whalen
- Jan 4
- 7 min
Update: Truist, Charles Schwab, U.S. Bancorp & PNC Financial
The largest banks continue to serve as a haven for refugees from crypto fraud schemes and the fintech swoon, but are not cheap
719 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.
1,298 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
1,062 views
Christopher Whalen
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