Wine, Grapes & Inflation; WGA Bank Top 50 Index Q3 2024
The WGA Bank Top 50 is, well, the top half of the population, but far better in quality than the bottom quartile.
top of page
The Institutional Risk Analyst
© 2003-2024 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance
R. Christopher Whalen
Aug 28 min
Stocks Swoon, Retail Credit Rises: PYPL, SQ & ARES
The rotation away from institutional investors to retail funding source for the $1.7 trillion direct lending market is an ominous sign
597 views
R. Christopher Whalen
Jul 306 min
Yellen's FSOC: Housing Policy Dreams vs Mortgage Market Reality
Yellen's proposal for a backstop is merely a canard to help Treasury avoid another fiasco next time a Ginnie Mae issuer fails
712 views
R. Christopher Whalen
Jul 278 min
Update: New York Community Bank & Mr. Cooper
Joe Otting does not seem to understand the value of the Flagstar correspondent lending and mortgage servicing business...
624 views
R. Christopher Whalen
Jul 255 min
Update: CapitalOne Financial & PennyMac Financial Services
Of note, PFSI has been growing share in wholesale, a direct challenge to UWMC
332 views
R. Christopher Whalen
Jul 219 min
Will Donald Trump Release Fannie Mae & Freddie Mac?? Really?
If JPM, PFSI or UWMC want to pay the government to wrap conventional MBS in a “AA+” sovereign rating, why should the Treasury say no?
1,372 views
R. Christopher Whalen
Jul 186 min
Update: Pinnacle Financial & Synthetic Credit Risk Transfer
We hear in the channel that banks with festering multifamily exposures are paying north of 10% for similar CRT transactions.
756 views
R. Christopher Whalen
Jul 175 min
Bank Earnings: JPM, BAC, AX, GS & SCHW
GS saw loss provisions fall slightly in Q2 2024 to $282 million but the number was still $600 million in the first half of the year...
475 views
R. Christopher Whalen
Jul 158 min
Should the US Exit the Basel Accord in Trump II?
The Basel Accord is one of the single biggest examples of a regulatory agency literally creating a new law from whole cloth.
791 views
R. Christopher Whalen
Jul 115 min
Earnings Setup: Consumer Lenders | ALLY AXP AX BCS COF SOFI SYF
The first comment to make is that consumer defaults are rising across the board. The only question we need to consider is the rate of change
535 views
R. Christopher Whalen
Jul 710 min
Goldman Sachs Fails Fed Stress Test
Notice that the Fed stress test is silent on trillions of dollars in mark-to-market losses facing US banks from COVID-era securities
2,982 views
R. Christopher Whalen
Jul 37 min
Who Leads the Asset Gatherers? | SCHW, MS, GS, AMP, RJF & SF
The larger banks led the way in January and February, but today the top 25 names in terms of total return include many smaller banks.
589 views
R. Christopher Whalen
Jul 18 min
USSC Kills Chevron | Zombie Banks Pass Stress Tests?
The Fed bank stress tests are another sign of magical thinking in Washington.
901 views
R. Christopher Whalen
Jun 266 min
Capital Confusion at Ginnie Mae & Mortgage Servicing Rights
Ginnie Mae would rather have issuers raise the NPV of the MSR in cash today than take the price risk of holding the whole MSR through time.
613 views
R. Christopher Whalen
Jun 239 min
Q2 2024 Earnings Setup: JPM, BAC, WFC, C, USB, PNC, TFC
Citigroup leads the pack with a net loss rate of 133 basis points (bp) that is almost five times the average for Peer Group 1 at 27 bp.
1,425 views
R. Christopher Whalen
Jun 176 min
Update: BMO + Bank of the West = ?
BMO arguably has the weakest reserve position among the large Canadian banks....
982 views
R. Christopher Whalen
Jun 175 min
Interview: Brian Barnier on the Fed and Inflation in Never Never Land
In the 1950s through maybe into the late 1990s, the FOMC could control mortgage interest rates....
547 views
R. Christopher Whalen
Jun 129 min
Will Credit Risk Transfer Save the Banks? Are MSRs Overvalued?
How much in synthetic CRT transactions will be done in 2024? Our best guess is many hundreds of billions globally...
755 views
R. Christopher Whalen
Jun 109 min
Interview: Robert Brusca on the Federal Open Market Committee
Powell won’t hit the two percent target, but he won’t change the target either.
684 views
R. Christopher Whalen
Jun 76 min
Faux Bear Raids on OZK and AX? But More Trouble Ahead for CRE Equity
We remind readers that unrealized losses on securities are still a bigger problem for banks than CRE.
615 views
Christopher Whalen
bottom of page