The Return of Credit Risk
Fact is, Dr. Brainard has primary culpability in the growing economic pain being felt around the country.
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The Institutional Risk Analyst
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Banks | Markets | Fintech
Christopher Whalen
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
470 views
R. Christopher Whalen
- Oct 28, 2022
- 7 min
Update: Credit Suisse (CS) & PennyMac Financial (PFSI)
Like COOP, volumes are down dramatically from 2021 but MSR values and cash flows from servicing are rising
889 views
R. Christopher Whalen
- Oct 26, 2022
- 4 min
Update: Mr. Cooper (COOP)
Despite the outlook for the industry, COOP continues to be one of the better performing names in our mortgage surveillance group.
282 views
R. Christopher Whalen
- Aug 17, 2022
- 6 min
No End to Conservatorship for Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac will likely sit in conservatorship indefinitely unless and until Congress acts first.
693 views
R. Christopher Whalen
- May 25, 2022
- 9 min
FOMC vs TGA; PennyMac Financial & United Wholesale Mortgage
Net, net, the dynamics in the market are actually forcing interest rates down
630 views
R. Christopher Whalen
- Apr 22, 2022
- 6 min
Update: Western Alliance Bancorp (WAL) and Silvergate Corp (SI)
There are virtually no conventional lenders in the US today that are profitable when the sell a loan into the secondary market.
341 views
R. Christopher Whalen
- Apr 4, 2022
- 2 min
The Residential Mortgage Finance Top Twenty Seven
Who is going to acquire and restructure Blend Labs (BLND) before this newbie-fintech-something runs out of cash?
309 views
R. Christopher Whalen
- Feb 7, 2022
- 4 min
Update: PennyMac Financial and loanDepot
February 7, 2022 | Last week saw the start of the reporting season for publicly listed mortgage companies, with loanDepot (LDI) and...
278 views
R. Christopher Whalen
- Nov 8, 2021
- 6 min
Update: Rocket Companies, PennyMac Financial Services & Home Point
When issuers like RKT and PFSI are paying up for servicing assets, you know that the secondary loan market is getting tougher by the day.
355 views
R. Christopher Whalen
- Nov 3, 2021
- 7 min
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.
776 views
R. Christopher Whalen
- Oct 25, 2021
- 6 min
Three Questions for Chairman Powell
Look for the FOMC to act early and go big in terms of forward repurchase agreements at the first sign of liquidity stress.
659 views
R. Christopher Whalen
- Feb 11, 2021
- 8 min
Update: Ocwen & New Residential
In this issue of The Institutional Risk Analyst, we compare two major players in the residential mortgage servicing space, New...
343 views
R. Christopher Whalen
- Dec 28, 2020
- 8 min
Outlook 2021: Financials & Credit Markets
New issue volumes in all of the major securities asset classes other than Treasury debt are trending lower as 2021 begins....
764 views
R. Christopher Whalen
- Nov 27, 2020
- 4 min
The Myth of GSE Release
The prospective ejection of the GSEs, Fannie Mae and Freddie Mac, from government control seems finally to be dead for the next four years.
1,323 views
R. Christopher Whalen
- Nov 23, 2020
- 7 min
Nonbank Update: PennyMac Financial Services
There is no actual disclosure from PSFI as to exactly how much of the firm’s default advances are being financed with bondholder funds
527 views
R. Christopher Whalen
- Oct 5, 2020
- 11 min
The Bear Case for Mortgage Lenders
This week we make the bear case for the housing sector as several more large mortgage issuers announce IPOs....
931 views
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