R. Christopher WhalenNov 19, 20221 minRecord Losses for Mortgage Banks Presage Tough Year AheadIs 2023 the year of the Return of the Distressed Loan Trade?
R. Christopher WhalenNov 15, 20226 minLoan Delinquency, EBOs & Ginnie Mae MSRs It seems obvious that the reported book value metrics coming from many commercial banks, REITs and mortgage banks are a tad inflated...
R. Christopher WhalenSep 27, 20223 minShort QE, Long VolatilityUntil the FOMC raises interest rates to more “normal” levels, we don’t expect actual volatility to decline.
R. Christopher WhalenSep 22, 20228 minThe Bear Case for Ginnie Mae IssuersThe nightmare scenario in the government loan market is that FHA loan delinquency rises to the point where issuers become insolvent
R. Christopher WhalenAug 24, 20226 minInterview: Scott Olson of Community Home Lenders of AmericaThe banks have left the government market. Now Ginnie Mae seems bound and determined to drive the IMBs out of government lending as well
R. Christopher WhalenAug 21, 20227 minInterest Rates, FinTechs & MSRsInterest rates are starting to be very positive, and bank deposit rates are barely moving, so pretense of fintech as bank killer is over
R. Christopher WhalenFeb 9, 20222 minNews: Improving Liquidity for Ginnie Mae Servicing AssetsCollateralized lending in the US was essentially impossible outside of banks from 1925 through the mid-1970s...
R. Christopher WhalenJul 19, 20217 minGNMA Issuer Rule Threatens Government MarketThis rule could cost literally tens of billions in losses to banks and nonbanks alike...