Washington Trip Notes; Mr. Cooper & PennyMac Financial
The last Treasury Secretary that tried to extend the maturities of US government debt was Jack Lew (2013-2017). Yellen missed an opportunity
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The Institutional Risk Analyst
© 2003-2023 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Fintech
R. Christopher Whalen
- Apr 30
- 6 min
Update: Mr. Cooper & PennyMac Financial
Both PFSI and COOP are navigating the current market well, but we have questions about where the former is headed.
1,212 views
R. Christopher Whalen
- Apr 3
- 6 min
Update: Charles Schwab (SCHW); Sagent Presentation
Most major banks grew larger during quantitative easing. Now many of these banks will shrink in terms of assets and also earnings in Q1 2023
4,238 views
R. Christopher Whalen
- Oct 28, 2022
- 7 min
Update: Credit Suisse (CS) & PennyMac Financial (PFSI)
Like COOP, volumes are down dramatically from 2021 but MSR values and cash flows from servicing are rising
907 views
R. Christopher Whalen
- Oct 26, 2022
- 4 min
Update: Mr. Cooper (COOP)
Despite the outlook for the industry, COOP continues to be one of the better performing names in our mortgage surveillance group.
290 views
R. Christopher Whalen
- Sep 22, 2022
- 8 min
The Bear Case for Ginnie Mae Issuers
The nightmare scenario in the government loan market is that FHA loan delinquency rises to the point where issuers become insolvent
699 views
R. Christopher Whalen
- Sep 12, 2022
- 8 min
Interview: David Stevens on GNMA Capital Rule & ICE + BKI
The entire mortgage industry will have a single point of failure with the ICE/BKI combination
1,784 views
R. Christopher Whalen
- Aug 7, 2022
- 7 min
Update: Guild Mortgage & Block Inc.
Since Block has not yet changed its ticker symbol, perhaps Mr. Dorsey will eventually change the company's name back to Square...
349 views
R. Christopher Whalen
- Jul 27, 2022
- 5 min
Update: Mr. Cooper Group
We agree with the assessment by Leon Cooperman of COOP management that this firm is one of the best positioned IMBs in the industry...
350 views
R. Christopher Whalen
- Jun 29, 2022
- 8 min
Bank Earnings Setup: JPM, USB, WFC, BAC & Citi
Most of the banks in our surveillance group are down between 10% and 30% so far this year, but none of these are particularly cheap as yet
547 views
R. Christopher Whalen
- May 11, 2022
- 8 min
Does ICE + Black Knight = Shareholder Value?
ICE buying the revenue streams represented by BKI is a big bet on yesterday, not a bold initiative to change the mortgage industry
459 views
R. Christopher Whalen
- May 4, 2022
- 5 min
Interest Rates, Credit and MSRs
Even as Powell signals willingness to take interest rate targets higher, he has put off a decision on the Fed's balance sheet until June.
481 views
R. Christopher Whalen
- Nov 3, 2021
- 7 min
Update: New Residential Investment, Fortress & Softbank
The good news is that NRZ is growing and making strides in terms of asset creation and, especially, asset retention.
839 views
R. Christopher Whalen
- Oct 28, 2021
- 4 min
Cenlar FSB, COOP, BLND and the Great MSR Migration
Risk to investors in the market for residential mortgages is rising and from multiple sources
363 views
R. Christopher Whalen
- Aug 9, 2021
- 5 min
Update: Mr. Cooper & New Residential Investment
The big surge in income and net worth caused by the FOMC last year is rapidly ending. Winter has returned to mortgage land...
570 views
R. Christopher Whalen
- Jun 30, 2021
- 7 min
Profile: Blend Labs, Inc ("BLND")
Is BLND worth more than RKT, or entrenched data monopolies and solution providers such as BKI or even CLGX?
862 views
R. Christopher Whalen
- Apr 5, 2021
- 13 min
Update: Commercial, Residential Loans & MSRs
We continue to believe that issuers and funds should be accumulating conventional servicing. Rates bottomed in February...
414 views
R. Christopher Whalen
- Mar 29, 2021
- 8 min
Nonbanks Face Labyrinth of Risk from COVID Loans
Given that IMBs now service two-thirds of all 1-4 family residential mortgage loans, the risk to the nonbanks from COVID is growing...
915 views
Christopher Whalen
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