New Residential Pivots, Gets "Rithm"
NRZ must pay $400 million to Fortress to end the relationship with the external manager, a final act of squeezing NRZ shareholders
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The Institutional Risk Analyst
© 2003-2024 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance
R. Christopher Whalen
Jun 9, 20228 min read
Interest Rates and Residential Mortgage REITs
We see an at least equal chance that margins will get squeezed for agency and MSR investors before they expand via higher interest rates
616 views
R. Christopher Whalen
May 4, 20225 min read
Interest Rates, Credit and MSRs
Even as Powell signals willingness to take interest rate targets higher, he has put off a decision on the Fed's balance sheet until June.
498 views
R. Christopher Whalen
Feb 25, 20227 min read
Update: HMPT, RKT, NRZ & UPST
UPST has seen its valuation cut by 60% since March of last year, when its common equity traded at a mere 31x book value.
313 views
R. Christopher Whalen
Nov 3, 20217 min read
Update: New Residential Investment, Fortress & Softbank
The good news is that NRZ is growing and making strides in terms of asset creation and, especially, asset retention.
879 views
R. Christopher Whalen
Aug 16, 20215 min read
Update: Rocket Companies and United Wholesale Mortgage
Growing numbers of investors are burned by mortgage stocks. Big question: Will the industry snap back due to now falling interest rates?
402 views
R. Christopher Whalen
Aug 9, 20215 min read
Update: Mr. Cooper & New Residential Investment
The big surge in income and net worth caused by the FOMC last year is rapidly ending. Winter has returned to mortgage land...
584 views
R. Christopher Whalen
May 25, 20215 min read
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...
694 views
R. Christopher Whalen
Apr 12, 20216 min read
Forbearance, Shrinking NIM & Prepayments Menace US Financials
Simply stated, US banks are twice as expensive as they were a year ago looking at earnings and assets....
888 views
R. Christopher Whalen
Feb 11, 20218 min read
Update: Ocwen & New Residential
In this issue of The Institutional Risk Analyst, we compare two major players in the residential mortgage servicing space, New...
345 views
R. Christopher Whalen
Feb 1, 20219 min read
Interview: Chris Abate, CEO of Redwood Trust
magine if the Fed started margin calling the big banks in response to the April market selloff rather than supporting the system!
1,145 views
R. Christopher Whalen
Jan 29, 20218 min read
Update: Commercial & Residential Real Estate, MSRs
Most of midtown Manhattan’s offices and other structures are unused. Commuter volumes are 10% of pre-COVID levels.
794 views
Christopher Whalen
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