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
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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
- Jul 3
- 7 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.
577 views
R. Christopher Whalen
- Jul 1
- 8 min
USSC Kills Chevron | Zombie Banks Pass Stress Tests?
The Fed bank stress tests are another sign of magical thinking in Washington.
895 views
R. Christopher Whalen
- Jun 26
- 6 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.
603 views
R. Christopher Whalen
- Jun 23
- 9 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.
1,419 views
R. Christopher Whalen
- Jun 17
- 6 min
Update: BMO + Bank of the West = ?
BMO arguably has the weakest reserve position among the large Canadian banks....
977 views
R. Christopher Whalen
- Jun 17
- 5 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....
543 views
R. Christopher Whalen
- Jun 12
- 9 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...
744 views
R. Christopher Whalen
- Jun 10
- 9 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.
680 views
R. Christopher Whalen
- Jun 7
- 6 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.
599 views
R. Christopher Whalen
- Jun 4
- 6 min
Inside the Private Credit Trade
Direct lenders are the pawnbrokers of the 21st Century for subprime commercial borrowers, usually firms financed via leveraged buyouts.
1,197 views
R. Christopher Whalen
- Jun 2
- 2 min
WGA Releases Bank Quarterly Q2 2024
The unrealized losses on COVID era securities remain a huge problem for banks large and small, especially if long-term interest rates rise
790 views
R. Christopher Whalen
- May 30
- 7 min
At the Federal Reserve Board, It's 1927 All Over Again
Obviously, there should be no interest rate cuts by the FOMC without deficit reduction by Congress.
1,076 views
R. Christopher Whalen
- May 28
- 7 min
Inflation & CRE Deflation Too? UMB Financial + Heartland = ?
With a budget deficit projected to be $1.8 trillion in 2024, the odds of the FOMC actually controlling inflation are pretty low.Â
766 views
R. Christopher Whalen
- May 24
- 6 min
Interest Rates, Deficits & Inflation
We think it is reasonable to push expectations of a cut in the target for Fed funds into Q1 2025.Â
815 views
R. Christopher Whalen
- May 22
- 7 min
MBA Aftermath; Profile: Merchants Bancorp (MBIN)
When NYC is forced to recognize reality, it will already be too late to avoid another fiscal crisis.
635 views
R. Christopher Whalen
- May 20
- 6 min
Joe Biden Goes Subprime; Should Citi Buy NYCB/Flagstar?
Citi is a subprime lender. They should be directly involved in government lending.
970 views
R. Christopher Whalen
- May 15
- 7 min
The Bull Case for Large Banks
Big banks have big CRE exposures, too. So what drives this marvelous progression up the wall of worry?
561 views
R. Christopher Whalen
- May 13
- 7 min
Yellen FSOC Punts on Mortgage Servicers; WGA Bottom 25 Banks
Are there bank bargains down in the cellar waiting to be discovered?
906 views
R. Christopher Whalen
- May 10
- 10 min
Freddie Mac Buying HELOCs? Really Meredith? | UWMC & Disappearing MSRs
We think Whitney’s comments about a surge in new lending from Freddie Mac buying home equity loans are poorly considered
3,529 views
Christopher Whalen
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