Update: PennyMac Financial Services
If we are marking balance sheet assets to actual market in the age of deflation, what of the heavily modeled world of servicing assets?
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The Institutional Risk Analyst
© 2003-2023 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Fintech
R. Christopher Whalen
- Oct 26
- 9 min
Interest Rates, Fintech & MSRs
Regulatory skepticism about mortgage assets could effect financing rates for lenders, which means higher mortgage rates for consumers.
499 views
R. Christopher Whalen
- Oct 24
- 5 min
QE Means Higher for Longer, But No Recession
We look for modest rate cuts in 2025, followed by an equally modest boom in mortgage lending
976 views
R. Christopher Whalen
- Feb 9
- 7 min
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
523 views
R. Christopher Whalen
- Jan 13
- 6 min
Update: JPMorganChase & Wells Fargo
But nothing lasts forever in mortgage land or in financials. Stay tuned and pay attention to LT rates and spreads...
494 views
R. Christopher Whalen
- Sep 11, 2022
- 8 min
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
1,791 views
R. Christopher Whalen
- Apr 6, 2022
- 4 min
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
656 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...
287 views
R. Christopher Whalen
- Jan 6, 2022
- 5 min
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.
532 views
R. Christopher Whalen
- Dec 16, 2021
- 6 min
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.
965 views
R. Christopher Whalen
- May 25, 2021
- 5 min
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...
690 views
Christopher Whalen
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