The Institutional Risk Analyst

Banks | Markets | Fintech

Mortgage Wrap; PennyMac Financial, Rithm Capital & MSRs

We suspect that the IMBs will be sellers of conventional assets to defend their Ginnie Mae MSRs. Banks may be buyers of conventional assets

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Update: JPMorganChase & Wells Fargo

But nothing lasts forever in mortgage land or in financials. Stay tuned and pay attention to LT rates and spreads...

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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

1,773 views

The Next Trade: Banks, Nonbanks and Mortgage Servicing Rights

Many of the startups, investment flows and SPAC transactions that proliferated in 2020-2021 are likely to be casualties in the next several

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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...

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Interest Rates, Stocks & MSRs

We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.

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The End of Money Market Funds

The SEC has finally decided to do the unthinkable, namely repudiate the admittedly fanciful idea of liquidity on demand at par.

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Update: Rising Interest Rates & Mortgage Servicing

The Fed’s chief concern is keeping the Treasury debt market open and functional. Liquidity includes cash and risk-free collateral...

689 views