Citigroup + (Cenlar - Black Knight) = ?
The Citi decision to exit mortgage servicing perhaps made sense in 2017, but today not so much.
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The Institutional Risk Analyst
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Banks | Markets | Finance
R. Christopher Whalen
Sep 228 min
GSE Release Under Trump? Post-Rate Cut Margin Calls??
Why should a private Fannie Mae be a 20% risk weight under Basel III, but PFSI or Mr. Cooper (COOP) are 100%?
400 views
R. Christopher Whalen
Jul 306 min
Yellen's FSOC: Housing Policy Dreams vs Mortgage Market Reality
Yellen's proposal for a backstop is merely a canard to help Treasury avoid another fiasco next time a Ginnie Mae issuer fails
712 views
R. Christopher Whalen
Jul 255 min
Update: CapitalOne Financial & PennyMac Financial Services
Of note, PFSI has been growing share in wholesale, a direct challenge to UWMC
332 views
R. Christopher Whalen
May 86 min
Portfolio Update & Mortgage Survivors
The survivors in mortgage finance optimize operations around purchasing loans from brokers/ correspondents, and direct to consumer (DTC)
474 views
R. Christopher Whalen
May 59 min
Debt Deflation in CRE? PFSI, COOP & RKT
If the run-of-the-mill Republic First interest rate mark is 13.3% of assets that is not just wiping out one bank’s 8% capital but also FDIC
686 views
R. Christopher Whalen
Feb 297 min
Update: UWMC & Rocket; Rate Cut Dreams Fade
Industry leaders believe that the FHFA wants the GSEs to offer issuers "repurchase insurance" to the tune of 25bps per loan.
578 views
R. Christopher Whalen
Feb 410 min
Assume Loss Given Default > 100% | PennyMac & Western Alliance Bank
Q: What do Silicon Valley Bank, First Republic Bank, Signature Bank and New York Community Bank have in common? Auditor, KPMG.
2,606 views
R. Christopher Whalen
Dec 15, 20237 min
Rates Rally Financials, But Credit Fears Remain
The key term for risk managers and investors in 2024 remains unchanged from this year: Volatility.
483 views
R. Christopher Whalen
Dec 8, 20234 min
Stocks, Interest Rates and Reverse RPs
Simply stated, with T-bills trading significantly above the yield on RRPs, there is no reason for MMFs to leave cash at the Fed
707 views
R. Christopher Whalen
Nov 1, 20236 min
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?
510 views
R. Christopher Whalen
Jul 28, 20235 min
Washington Trip Notes; Mr. Cooper & PennyMac Financial
The last Treasury Secretary that tried to extend the maturities of US government debt was Jack Lew (2013-2017). Yellen missed an opportunity
653 views
R. Christopher Whalen
Jul 8, 20237 min
Mortgage Lenders Face Return of a Purchase Market
The “winners” in the mortgage sector will be those larger players with equally large servicing books that can access bank funding
903 views
R. Christopher Whalen
Apr 30, 20236 min
Update: Mr. Cooper & PennyMac Financial
Both PFSI and COOP are navigating the current market well, but we have questions about where the former is headed.
1,315 views
R. Christopher Whalen
Feb 23, 20237 min
The Return of Credit Risk
Fact is, Dr. Brainard has primary culpability in the growing economic pain being felt around the country.
2,384 views
R. Christopher Whalen
Feb 9, 20237 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
535 views
R. Christopher Whalen
Oct 28, 20227 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
955 views
R. Christopher Whalen
Oct 26, 20224 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.
297 views
R. Christopher Whalen
Aug 17, 20226 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.
1,316 views
R. Christopher Whalen
May 25, 20229 min
FOMC vs TGA; PennyMac Financial & United Wholesale Mortgage
Net, net, the dynamics in the market are actually forcing interest rates down
640 views
Christopher Whalen
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