The Institutional Risk Analyst

Banks | Markets | Fintech

Does PacWest + Banc of California + Warburg Pincus = Value?

The Q2 2023 disclosure for PACW suggests an institution that is bleeding cash and operating in extremis...

528 views

RITM Goes Multi Asset; TCBI Shrinks Assets, Grows Returns

TCBI needs to keep efficiency in the 50s if they want to survive the coming drought in mortgage lending.

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Is USA still a "AAA" Credit? Really? Update: Rithm Capital

When interest rates eventually fall those late vintage mortgage loans with 6% coupons will evaporate like spring snow in the sunshine

1,495 views

Atlas Stumbles, Silvergate Wallows; 360 Mortgage v. Fortress (and RITM)

Are nonbank mortgage firms a risk to Ginnie Mae? Or is it really the other way around?

1,733 views

RKT Sinks, UWMC Wobbles, RITM Treads Water & Goldman Doubles Down

GS is a securities dealer first and foremost and has no comparative advantage as a bank.

882 views

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

521 views

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.

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