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The Institutional Risk Analyst
© 2003-2025 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance


Update: PennyMac Financial and loanDepot
February 7, 2022 | Last week saw the start of the reporting season for publicly listed mortgage companies, with loanDepot (LDI) and...

R. Christopher Whalen
Feb 7, 20224 min read
365 views


Chris Abate: The Return of Private Mortgages
We see a bright future ahead for the private label loan market....

R. Christopher Whalen
Jan 31, 20224 min read
920 views


Profile: Citigroup (C)
Why does this bank exist? What market does it serve and how will it grow in the future?

R. Christopher Whalen
Jan 27, 20226 min read
276 views


Stocks Waver, Spreads Widen -- A Little
Spreads have a long way to go before we return to the crisis levels of Q1 2020. And we are not nearly ready to go shopping.

R. Christopher Whalen
Jan 24, 20224 min read
642 views


Powell, Yellen, Bernanke and Post-QE Deflation
The Powell FOMC has lost all credibility when it comes to financial markets or managing inflation and independence from the US Treasury

R. Christopher Whalen
Jan 21, 20225 min read
790 views


Profile: Cross River Bank
Bottom line, when a bank seems to be doing much better than other banks, there is usually a reason and that reason is almost always bad

R. Christopher Whalen
Jan 19, 20226 min read
345 views


Q4 Earnings | Big Banks & QE
In the short-run rising interest rates and spreads will help bank earnings. But where is the next credit hot spot?

R. Christopher Whalen
Jan 12, 20228 min read
671 views


Interest Rates, Stocks & MSRs
We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.

R. Christopher Whalen
Jan 6, 20225 min read
541 views


Mortgage Crises Yesterday and Today
As we move into Q4 2021 earnings, keep your eyes peeled for news of restructuring of urban commercial commercial and multifamily properties

R. Christopher Whalen
Jan 4, 20226 min read
789 views


Update: Block Inc. & Upstart Holdings
Is SQ really, REALLY worth 25x book value? Our respectful answer to that question is no.

R. Christopher Whalen
Dec 22, 20219 min read
333 views


The End of Money Market Funds
The SEC has finally decided to do the unthinkable, namely repudiate the admittedly fanciful idea of liquidity on demand at par.

R. Christopher Whalen
Dec 16, 20216 min read
974 views


A Bull Case for US Banks?
We ask whether bank fundamentals are starting to catch up to the very full equity market valuations , up 40% since the end of 2020

R. Christopher Whalen
Dec 13, 202111 min read
515 views


Fed Tightens Months Late, Even as it Attacks Liquidity
any of the problems that the Fed now seeks to fix, starting with the unnecessary elimination of LIBOR, are a function of earlier policies...

R. Christopher Whalen
Dec 7, 20217 min read
747 views


Update: Better.com, Wise PLC and United Wholesale Mortgage
Somehow the folks at UWMC did not take notice of the fact that secondary stock offerings for all issuers have basically disappeared

R. Christopher Whalen
Dec 1, 20217 min read
415 views


China Lockdown & Herd Behavior
We all were perhaps a bit overly sanguine about the end of COVID as a global threat to personal and societal health

R. Christopher Whalen
Nov 29, 20216 min read
444 views


Profile: Raymond James Financial
RJF is one of those quiet high-performer banks in the investment world that few understand but many own in LT portfolio

R. Christopher Whalen
Nov 18, 20214 min read
331 views


As the Fed Ends QE, Stocks and Crypto Will Retreat
And in the meantime, we view the end of QE as a net negative for global stocks as well as crypto. Everything is correlated in a crowd.

R. Christopher Whalen
Nov 15, 20214 min read
1,148 views


Update: Blend Labs, Guild Mortgage and United Wholesale Mortgage
To paraphrase our friend and fellow mortgage maven Rob Chrisman, ponder a 2022 lending market that’s 75% purchases and just 4.79 million uni

R. Christopher Whalen
Nov 12, 20216 min read
346 views


Is New York City Coming Back?
Over the next several years, as the economic cost of COVID becomes full visible, New York City may face its second financial crisis

R. Christopher Whalen
Nov 10, 20218 min read
606 views


Update: Rocket Companies, PennyMac Financial Services & Home Point
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.

R. Christopher Whalen
Nov 8, 20216 min read
367 views
Christopher Whalen
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