The Institutional Risk Analyst

Banks | Markets | Fintech

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...

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Update: U.S. Bancorp & Goldman Sachs

We expect to see USB trading at a discount to JPM and Peer Group 1 until the bank improves its operating leverage to pre-COVID levels.

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Interest Rates, MSRs, Mortgage Putbacks & FICO Scores

Persistent talk about a 5.5% 30-year mortgage rate later this year is badly wrong as TBAs flip from 5.5% to 6% coupons for delivery in June

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Mark-to-Market on Bank America; Update on Credit Suisse & Guild Holdings

We recently added Western Alliance (WAL) and GHLD to our portfolio

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GNMA, FNMA Seize Assets from Reverse Mortgage Funding Estate

The US government now owns the largest reverse lender in the country.

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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.

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Interview: Tom Showalter on Perfecting the Lending Process

We speak with a revolutionary in the world of lending, Tom Showalter, Founder and CEO of Candor Technology.

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Western Alliance + AmeriHome = Big Possibilities

We have long advocated the idea of an independent mortgage bank (IMB) combining with a strong regional lender

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Nonbank Update: Rocket Companies

Because of forward liquidity and credit concerns, the window for IMBs to tap the public equity markets appears to have closed for now

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