Update: Mortgage Lenders, TBA Contango & MSRs
We look for lower prices for legacy MBS and MSRs as new allocations are used up and P&Ls sink deeper into the red...
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The Institutional Risk Analyst
© 2003-2023 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Fintech
R. Christopher Whalen
- Mar 2
- 6 min
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.
883 views
R. Christopher Whalen
- Dec 16, 2022
- 6 min
The Year That Was: 2022
Many in the Buy Side chorus are looking forward to lower interest rates, but we are concerned that next year could really be about solvency
624 views
R. Christopher Whalen
- Nov 19, 2022
- 1 min
Record Losses for Mortgage Banks Presage Tough Year Ahead
Is 2023 the year of the Return of the Distressed Loan Trade?
528 views
R. Christopher Whalen
- Nov 4, 2022
- 5 min
TIAA Sells Everbank; Mortgage Earnings Wrap
The big news this week starts with the poor showing by Rocket Companies (RKT), reporting a loss for Q3 2022 and a big decline in volumes.
305 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.
969 views
R. Christopher Whalen
- Jun 6, 2022
- 6 min
Memo to Gary Gensler: Beware the “Non-Controlling Interest”
As a result of the adoption of "artificial intelligence," the 21st Century investor is mostly a victim in waiting.
1,199 views
R. Christopher Whalen
- Feb 25, 2022
- 7 min
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.
306 views
R. Christopher Whalen
- Nov 12, 2021
- 6 min
Update: Blend Labs, Guild Mortgage and United Wholesale Mortgage
To paraphrase our friend and fellow mortgage maven Rob Chrisman, ponder a 2022 lending market that’s 75% purchases and just 4.79 million uni
324 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.
360 views
R. Christopher Whalen
- Aug 23, 2021
- 7 min
Interview: Lee Smith, Flagstar Bank
We expect to see a lot more M&A activity over the next 12 – 18 months, as that’s the only way for some players to grow share.
772 views
R. Christopher Whalen
- Aug 19, 2021
- 6 min
Fed Chairman Jay Powell as RobinHood
There is, after all, no free lunch for investors when the Fed is serving the thin meal of Financial Repression
513 views
R. Christopher Whalen
- Aug 16, 2021
- 5 min
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?
395 views
R. Christopher Whalen
- Aug 9, 2021
- 5 min
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...
570 views
R. Christopher Whalen
- Jun 30, 2021
- 7 min
Profile: Blend Labs, Inc ("BLND")
Is BLND worth more than RKT, or entrenched data monopolies and solution providers such as BKI or even CLGX?
862 views
R. Christopher Whalen
- Jun 8, 2021
- 7 min
Icons of Meme Investing
Fed Chairman Jay Powell effectively is short an equity put option to the world...
567 views
R. Christopher Whalen
- May 14, 2021
- 6 min
Update: Rocket Companies & United Wholesale Mortgage
We view RKT's refusal to provide this material information to investors as a significant omission in its public disclosure...
507 views
R. Christopher Whalen
- May 12, 2021
- 5 min
Is XRP a Security? And Is Everything About FOMO?
Whether you are chasing alpha in stocks or buying crypto tokens or making non-agency mortgage loans, the maddening crowd is FOMO...
524 views
R. Christopher Whalen
- Apr 5, 2021
- 13 min
Update: Commercial, Residential Loans & MSRs
We continue to believe that issuers and funds should be accumulating conventional servicing. Rates bottomed in February...
414 views
R. Christopher Whalen
- Mar 29, 2021
- 8 min
Nonbanks Face Labyrinth of Risk from COVID Loans
Given that IMBs now service two-thirds of all 1-4 family residential mortgage loans, the risk to the nonbanks from COVID is growing...
916 views
Christopher Whalen
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