Capital Confusion at Ginnie Mae & Mortgage Servicing Rights
Ginnie Mae would rather have issuers raise the NPV of the MSR in cash today than take the price risk of holding the whole MSR through time.
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The Institutional Risk Analyst
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Banks | Markets | Finance
R. Christopher Whalen
Apr 217 min
TCBI v Ginnie Mae Goes to Trial | Outlook for Commercial & Residential Mortgage Finance
McCargo's actions and the fact that the case has not been dismissed in its entirety is very unhelpful given current market conditions.
1,179 views
R. Christopher Whalen
Jan 33 min
Comments on Basel III Endgame
The Basel III proposal reflects a view of financial risks facing US banks that is decades out of date and ignores market risk
731 views
R. Christopher Whalen
Oct 9, 20237 min
Texas Capital Bank v Ginnie Mae
The legal dispute between Ginnie Mae and Texas Capital Bank makes additional defaults by HECM lenders more likely...
1,029 views
R. Christopher Whalen
Aug 14, 202310 min
Reverse Mortgage Bankruptcy Festers; IRA Housing Outlook
The Biden Administration has no real strategy for addressing the growing stress in the market for government insured mortgages
3,185 views
R. Christopher Whalen
May 25, 20238 min
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
1,122 views
R. Christopher Whalen
Mar 6, 20238 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?
1,805 views
R. Christopher Whalen
Feb 13, 20238 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
1,045 views
R. Christopher Whalen
Nov 19, 20221 min
Record Losses for Mortgage Banks Presage Tough Year Ahead
Is 2023 the year of the Return of the Distressed Loan Trade?
542 views
R. Christopher Whalen
Nov 15, 20226 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...
767 views
R. Christopher Whalen
Sep 27, 20223 min
Short QE, Long Volatility
Until the FOMC raises interest rates to more “normal” levels, we don’t expect actual volatility to decline.
452 views
R. Christopher Whalen
Sep 22, 20228 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
729 views
R. Christopher Whalen
Aug 24, 20226 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
699 views
R. Christopher Whalen
Aug 21, 20227 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
567 views
R. Christopher Whalen
Feb 9, 20222 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...
299 views
R. Christopher Whalen
Jul 19, 20217 min
GNMA Issuer Rule Threatens Government Market
This rule could cost literally tens of billions in losses to banks and nonbanks alike...
2,046 views
Christopher Whalen
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