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...
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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
R. Christopher Whalen
- Nov 7, 2022
- 7 min
Brief: The Return of Home Equity Loans
Every residential mortgage loan made in 2020-2021 is likely to be underwater by the end of 2023
1,298 views
R. Christopher Whalen
- Nov 4, 2022
- 5 min
TIAA Sells Everbank; Mortgage Earnings Wrap
The big news this week starts with the poor showing by Rocket Companies (RKT), reporting a loss for Q3 2022 and a big decline in volumes.
290 views
R. Christopher Whalen
- Oct 28, 2022
- 7 min
Update: Credit Suisse (CS) & PennyMac Financial (PFSI)
Like COOP, volumes are down dramatically from 2021 but MSR values and cash flows from servicing are rising
905 views
R. Christopher Whalen
- Oct 26, 2022
- 4 min
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.
288 views
R. Christopher Whalen
- Oct 24, 2022
- 3 min
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
761 views
R. Christopher Whalen
- Oct 17, 2022
- 7 min
Will the FOMC Break the Financials?
Will the market risk created by quantitative tightening (QT) tip over a large bank or nonbank financial firm?
780 views
R. Christopher Whalen
- Oct 2, 2022
- 10 min
Large Banks: QT Winners & Losers
A number of readers have asked us to talk about the winners and losers among large banks in the current interest rate environment.
800 views
R. Christopher Whalen
- Sep 22, 2022
- 8 min
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
676 views
R. Christopher Whalen
- Sep 12, 2022
- 8 min
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
1,773 views
R. Christopher Whalen
- Aug 25, 2022
- 6 min
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
331 views
R. Christopher Whalen
- Aug 24, 2022
- 6 min
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
667 views
R. Christopher Whalen
- Aug 10, 2022
- 5 min
The FOMC Embraces Debt Deflation
The deflation of 2023 is about marking down all types of real assets to the price level that equates with a non-QE world.
666 views
R. Christopher Whalen
- Aug 7, 2022
- 7 min
Update: Guild Mortgage & Block Inc.
Since Block has not yet changed its ticker symbol, perhaps Mr. Dorsey will eventually change the company's name back to Square...
348 views
R. Christopher Whalen
- Jul 27, 2022
- 5 min
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...
350 views
R. Christopher Whalen
- Jul 21, 2022
- 5 min
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...
595 views
R. Christopher Whalen
- Jul 19, 2022
- 6 min
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
349 views
R. Christopher Whalen
- Jun 22, 2022
- 5 min
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
690 views
R. Christopher Whalen
- Jun 20, 2022
- 8 min
The Fed and Housing
Issuing CMOs via the GSEs could help the FOMC out of its trading mess, but represents a monumental irony.
1,570 views
R. Christopher Whalen
- Jun 9, 2022
- 8 min
Interest Rates and Residential Mortgage REITs
We see an at least equal chance that margins will get squeezed for agency and MSR investors before they expand via higher interest rates
603 views
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