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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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
R. Christopher Whalen
- Mar 6
- 8 min
Atlas Stumbles, Silvergate Wallows; 360 Mortgage v. Fortress (and RITM)
Are nonbank mortgage firms a risk to Ginnie Mae? Or is it really the other way around?
1,703 views
R. Christopher Whalen
- Feb 13
- 8 min
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
1,009 views
R. Christopher Whalen
- Nov 19, 2022
- 1 min
Record Losses for Mortgage Banks Presage Tough Year Ahead
Is 2023 the year of the Return of the Distressed Loan Trade?
526 views
R. Christopher Whalen
- Nov 15, 2022
- 6 min
Loan 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...
740 views
R. Christopher Whalen
- Sep 27, 2022
- 3 min
Short QE, Long Volatility
Until the FOMC raises interest rates to more “normal” levels, we don’t expect actual volatility to decline.
434 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
676 views
R. Christopher Whalen
- Aug 24, 2022
- 6 min
Interview: Scott Olson of Community Home Lenders of America
The banks have left the government market. Now Ginnie Mae seems bound and determined to drive the IMBs out of government lending as well
667 views
R. Christopher Whalen
- Aug 21, 2022
- 7 min
Interest Rates, FinTechs & MSRs
Interest rates are starting to be very positive, and bank deposit rates are barely moving, so pretense of fintech as bank killer is over
529 views
R. Christopher Whalen
- Feb 9, 2022
- 2 min
News: Improving Liquidity for Ginnie Mae Servicing Assets
Collateralized lending in the US was essentially impossible outside of banks from 1925 through the mid-1970s...
279 views
R. Christopher Whalen
- Jul 19, 2021
- 7 min
GNMA Issuer Rule Threatens Government Market
This rule could cost literally tens of billions in losses to banks and nonbanks alike...
2,011 views
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