R. Christopher WhalenSep 16 minWinter is Coming in Bank CreditIf a bank has 6% debt to assets, what is the equity of the parent BHC worth?
R. Christopher WhalenMar 2610 minUpdate: New York Community BankWe liked the NYCB + Flagstar story prior to the transaction with the FDIC for the assets and deposits of Signature Bank.
R. Christopher WhalenMar 215 minWinners & Losers in the New Gilded AgeMark Twain called Washington ''the grand old benevolent National Asylum for the Helpless'' in his classic "The Gilded Age."
R. Christopher WhalenMar 26 minRKT Sinks, UWMC Wobbles, RITM Treads Water & Goldman Doubles DownGS is a securities dealer first and foremost and has no comparative advantage as a bank.
R. Christopher WhalenFeb 97 minMortgage Wrap; PennyMac Financial, Rithm Capital & MSRsWe suspect that the IMBs will be sellers of conventional assets to defend their Ginnie Mae MSRs. Banks may be buyers of conventional assets
R. Christopher WhalenFeb 39 minTwo Inflation Narratives; Credit Suisse & Ginnie Mae MSRsThe big take away from Q4 2022 earnings is that credit expenses are headed higher and at a brisk pace
R. Christopher WhalenMay 4, 20216 minProfile: NYCB + Flagstar BancorpThe combination of New York Community Bank and Flagstar creates an $85 billion bank with a national mortgage business