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
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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
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
3,452 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
352 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.
1,347 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
854 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.
276 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?
317 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.
549 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.
324 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?
715 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
547 views
R. Christopher Whalen
- Feb 14, 2022
- 6 min
The Curse of Humphrey Hawkins
If you consider QE “stimulus” inflationary, then Fed policy actually accelerated inflation in the November-January period.
798 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
346 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...
271 views
R. Christopher Whalen
- Feb 7, 2022
- 4 min
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...
278 views
R. Christopher Whalen
- Jan 31, 2022
- 4 min
Chris Abate: The Return of Private Mortgages
We see a bright future ahead for the private label loan market....
910 views
R. Christopher Whalen
- Jan 27, 2022
- 6 min
Profile: Citigroup (C)
Why does this bank exist? What market does it serve and how will it grow in the future?
268 views
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