ACH: The Bank Deposit Ain't in the Mail
Was the breakdown of the normally stable and, indeed, routine workings of the Clearinghouse the result of bad actors?
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The Institutional Risk Analyst
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Banks | Markets | Finance
R. Christopher Whalen
Nov 1, 20236 min read
Update: PennyMac Financial Services
If we are marking balance sheet assets to actual market in the age of deflation, what of the heavily modeled world of servicing assets?
510 views
R. Christopher Whalen
Oct 30, 20234 min read
Rate Peak Emerges, Deflation Looms
One of the effects of QE has been making many banks and real estate investors insolvent, a precursor to debt defaults.
1,507 views
R. Christopher Whalen
Oct 26, 20239 min read
Interest Rates, Fintech & MSRs
Regulatory skepticism about mortgage assets could effect financing rates for lenders, which means higher mortgage rates for consumers.
528 views
R. Christopher Whalen
Oct 24, 20235 min read
QE Means Higher for Longer, But No Recession
We look for modest rate cuts in 2025, followed by an equally modest boom in mortgage lending
1,027 views
R. Christopher Whalen
Oct 19, 20236 min read
Are Bank Stocks Undervalued? Which Ones & Why
Large universal banks that ply the capital markets and use essentially infinite leverage in the derivatives markets face challenges
1,030 views
R. Christopher Whalen
Oct 17, 20234 min read
Charles Schwab Unwinds the QE Trade
Rising interest rates are not good for bank earnings or bank equity valuations.
1,574 views
R. Christopher Whalen
Oct 15, 20237 min read
Bank Earnings Takeaways -- JPM, WFC and Citi
Bank earnings can be best described as cautiously mediocre, but as usual the Street proclaimed that three banks "beat the estimates"
728 views
R. Christopher Whalen
Oct 11, 20236 min read
Jerome Powell's Silent Crisis
The Powell Fed needs to drop short-term interest rates back down to 4% and leave them there indefinitely.
1,477 views
R. Christopher Whalen
Oct 9, 20237 min read
Texas Capital Bank v Ginnie Mae
The legal dispute between Ginnie Mae and Texas Capital Bank makes additional defaults by HECM lenders more likely...
1,035 views
R. Christopher Whalen
Oct 3, 20236 min read
Top Five Bank Earnings Setup | Q3 2023
Did we mention margin calls on Treasury and mortgage-backed securities (MBS) and rising mark-to-market losses on securities...
1,632 views
R. Christopher Whalen
Oct 2, 20236 min read
Credit Suisse\UBS to Apollo: Bye, Bye
UBS ultimately seems intent upon running off the remaining US mortgage assets, including a few billion in Ginnie Mae MSR financings
845 views
R. Christopher Whalen
Sep 27, 20239 min read
SoftBank as Systemic Event; Update: Charles Schwab & Co
The public behavior and decision-making processes of SoftBank suggest that the organization is in trouble.
1,281 views
R. Christopher Whalen
Sep 25, 20236 min read
Will Fannie Mae & Freddie Mac Raise Guarantee Fees?
With a 75bp average total gfee, would the market for private label MBS return? Or would conventional lending volumes simply crater?
904 views
R. Christopher Whalen
Sep 21, 20236 min read
FSOC Frets About Nonbank Risk; Goldman Sachs Stepping Back?
GS has the weakest position in terms of funding of the top-ten banks and no real narrative for the business post-Marcus.
617 views
R. Christopher Whalen
Sep 18, 20237 min read
Does PacWest + Banc of California + Warburg Pincus = Value?
The Q2 2023 disclosure for PACW suggests an institution that is bleeding cash and operating in extremis...
648 views
R. Christopher Whalen
Sep 11, 20233 min read
Bank Industry Review & Survey Q3 2023
The US banking industry has seen now two consecutive down quarters for net income caused by the Fed’s massive open market operations
865 views
R. Christopher Whalen
Sep 7, 20235 min read
Markets Affirm the Unbearable Lightness of Fintech
When you are in a big crowd, nothing else matters.
627 views
R. Christopher Whalen
Sep 5, 20236 min read
Consumer Credit Collapsing? Not Yet...
Sadly for the bears in the audience, nothing would make the banks happier than if consumers would use more credit....
1,092 views
R. Christopher Whalen
Sep 1, 20236 min read
Winter is Coming in Bank Credit
If a bank has 6% debt to assets, what is the equity of the parent BHC worth?
1,160 views
Christopher Whalen
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