The Institutional Risk Analyst

Banks | Markets | Fintech

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

1,014 views

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

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

2,595 views

Ginnie Mae - Credit Suisse = ? A Biden MSR Tax? Does BKI + ICE = < 2?

Our view is that the BKI purchase is a horrible deal for ICE shareholders, a value killer of epic proportions

1,008 views

Two Inflation Narratives; Credit Suisse & Ginnie Mae MSRs

The big take away from Q4 2022 earnings is that credit expenses are headed higher and at a brisk pace

780 views

GNMA, FNMA Seize Assets from Reverse Mortgage Funding Estate

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

1,171 views

RMF Bankruptcy Signals Systemic Risk in GNMA Market

Bankruptcy of Reverse Mortgage Funding may be first step in a systemic crisis affecting the government loan market

1,018 views

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

905 views

Citigroup: Breaking Up is Hard to Do

Citi has drifted through years of government ownership and weak leadership by the board of directors

324 views