QT Means Short Credit Risk
Market risk realized today becomes credit risk tomorrow...
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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
R. Christopher Whalen
- May 25, 2022
- 9 min
FOMC vs TGA; PennyMac Financial & United Wholesale Mortgage
Net, net, the dynamics in the market are actually forcing interest rates down
631 views
R. Christopher Whalen
- May 23, 2022
- 7 min
Equity Market Valuations & Quantitative Tightening
The reduction in the Fed's balance sheet is the largest ever margin call on equity exposures of all descriptions.
987 views
R. Christopher Whalen
- May 18, 2022
- 6 min
Update: Crypto Frauds and Fintech Dreams
Q: What do Elon Musk and Masayoshi Son have in common? Gigantic margin loans...
517 views
R. Christopher Whalen
- May 16, 2022
- 7 min
Interview: Dan Sogorka of Sagent Lending Technologies
The new technology that powers the Sagent-Cooper vision for servicing is already proven in the market
624 views
R. Christopher Whalen
- May 13, 2022
- 5 min
Feldkamp: Paul Volcker, Volatility, Inflation & Honesty
Benevolence, as Chris and I noted in our book "Financial Stability," always gets you more bang for the buck than being miserable.
471 views
R. Christopher Whalen
- May 11, 2022
- 8 min
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
451 views
R. Christopher Whalen
- Apr 28, 2022
- 5 min
Flagstar Bancorp & Annaly Capital: All About Visibility
No amount of computer power can really, really enable you to predict when Fred and Wilma are going to sell or refinance their home.
306 views
R. Christopher Whalen
- Apr 22, 2022
- 6 min
Update: Western Alliance Bancorp (WAL) and Silvergate Corp (SI)
There are virtually no conventional lenders in the US today that are profitable when the sell a loan into the secondary market.
346 views
R. Christopher Whalen
- Apr 11, 2022
- 5 min
Weak Bank Earnings & Surging Interest Rates = Lower Valuations
Will Fed Chairman Jay Powell fold in terms of further rate hikes if the S&P 500 falls 1,000 points in a day?
491 views
R. Christopher Whalen
- Apr 6, 2022
- 4 min
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
642 views
R. Christopher Whalen
- Apr 4, 2022
- 2 min
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?
312 views
R. Christopher Whalen
- Mar 31, 2022
- 5 min
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
3,456 views
R. Christopher Whalen
- Mar 28, 2022
- 6 min
Top Five US Banks: USB, JPM, WFC, C & BAC
Valuations for the top five US banks are up slightly as Q1 2022 comes to an end
360 views
R. Christopher Whalen
- Mar 12, 2022
- 4 min
Update: Guild Mortgage
In our view, Guild Mortgage is one of the highest quality businesses in the residential mortgage space.
279 views
R. Christopher Whalen
- Mar 9, 2022
- 4 min
A Tale of Two Mortgage SPACs: UWMC and FOA
Why did FOA write down $1.4 billion in intangible equity, yet UWM took no similar write down?
323 views
R. Christopher Whalen
- Mar 7, 2022
- 11 min
The IRA Bank Book Q1 2022 | Credit Risk Returns
We add a new dimension of risk to the normalization of US bank earnings with the Russian war against Ukraine.
550 views
R. Christopher Whalen
- Feb 25, 2022
- 7 min
Update: HMPT, RKT, NRZ & UPST
UPST has seen its valuation cut by 60% since March of last year, when its common equity traded at a mere 31x book value.
299 views
R. Christopher Whalen
- Feb 10, 2022
- 6 min
Profile: NexBank Capital, Inc.
Among the ten largest mortgage specialization banks, NexBank had among the best equity returns in Q3 2021
369 views
R. Christopher Whalen
- Feb 9, 2022
- 2 min
News: Improving Liquidity for Ginnie Mae Servicing Assets
Collateralized lending in the US was essentially impossible outside of banks from 1925 through the mid-1970s...
279 views
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