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.
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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
R. Christopher Whalen
- Apr 26, 2022
- 6 min
Deflation, Not Inflation, is the Threat
Xi Jinping in China and Putin in Russia have turned their backs on the global economy to retain power
1,128 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.
309 views
R. Christopher Whalen
- Apr 20, 2022
- 5 min
Ukraine & the Return of Credit Risk
Just imagine how global markets will react when Putin deploys tactical nuclear weapons in Eastern Ukraine to avoid a military defeat
532 views
R. Christopher Whalen
- Apr 17, 2022
- 6 min
Profile: Morgan Stanley vs Goldman Sachs
Simply stated, Morgan Stanley has a much more diverse and sustainable business model than Goldman Sachs...
396 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?
488 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
633 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?
309 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
3,448 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
336 views
R. Christopher Whalen
- Mar 21, 2022
- 6 min
Will SOFR Be the Death of Jay Powell?
If the Fed causes another liquidity crisis as it ends QE and shrinks the balance sheet, then Chairman Powell should immediately resign.
1,346 views
R. Christopher Whalen
- Mar 15, 2022
- 5 min
QE, Risk Premia and Option Adjusted Spreads
There a brisk debate ongoing in the fixed income markets over how much the Federal Open Market Committee will raise interest rates and when
853 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.
275 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?
311 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.
542 views
R. Christopher Whalen
- Mar 3, 2022
- 5 min
Profile: Toronto Dominion Bank
At a time when many US banks are reducing footprint in retail banking, TD is buying more.
245 views
R. Christopher Whalen
- Mar 1, 2022
- 3 min
When "Force Majeure" Isn't Quite
The imposition of sanctions on Russia is not as comprehensive as some press reports suggest.
323 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 21, 2022
- 6 min
MEME Stocks & Lithium Batteries
If Henry Ford lived today, would he build electric cars? With lithium batteries?
711 views
R. Christopher Whalen
- Feb 16, 2022
- 6 min
Profile: Silvergate Capital Corp (SI)
SI’s management team is taking advantage of the narrative in Washington, which is that stable coins will be a bank only product
514 views
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