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The Institutional Risk Analyst
© 2003-2025 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance


R. Christopher Whalen
Dec 10, 202415 min read
Kamikaze GSE Release? Oh Yeah...
Yes, that's right, we are going to downgrade $8 trillion in GSE MBS and hundreds of billions in corporate debt.
3,294 views

R. Christopher Whalen
Sep 24, 20246 min read
Update: Our Top Five Ideas
How will the sudden shift in Fed policy impact financials? Are we headed for a recession?
654 views

R. Christopher Whalen
Sep 22, 20248 min read
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%?
486 views

R. Christopher Whalen
Sep 2, 202412 min read
Recession? Consumer Lenders: AX, AXP, ALLY, Barclays, COF, SOFI, SYF
Axos continues to rebound after the bear raid by Hindenburg Research. AX ranked 18th in the WGA Bank Top Index in Q3 2024 vs 98th for SOFI
721 views


R. Christopher Whalen
Aug 8, 20246 min read
Market Volatility and Loan Defaults
The market tantrum which began on Friday was largely over by the market close on the following Tuesday.
1,187 views

R. Christopher Whalen
Jul 24, 20245 min read
Update: CapitalOne Financial & PennyMac Financial Services
Of note, PFSI has been growing share in wholesale, a direct challenge to UWMC
341 views


R. Christopher Whalen
May 10, 202410 min read
Freddie Mac Buying HELOCs? Really Meredith? | UWMC & Disappearing MSRs
We think Whitney’s comments about a surge in new lending from Freddie Mac buying home equity loans are poorly considered
3,638 views


R. Christopher Whalen
May 8, 20246 min read
Portfolio Update & Mortgage Survivors
The survivors in mortgage finance optimize operations around purchasing loans from brokers/ correspondents, and direct to consumer (DTC)
475 views


R. Christopher Whalen
Apr 4, 20247 min read
Vanguard & Black Rock Control JP Morgan? | PNC & United Wholesale Mortgage
BK and Vanguard are above the 4.9% legal limit on ownership of voting shares of a bank. This fact gives the FDIC et al the power...
928 views


R. Christopher Whalen
Feb 29, 20247 min read
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.
585 views

R. Christopher Whalen
Nov 1, 20236 min read
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 8, 20237 min read
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
904 views


R. Christopher Whalen
Mar 2, 20236 min read
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.
899 views


R. Christopher Whalen
Jan 19, 20239 min read
Interview: Mike Patterson, Freedom Mortgage
In this issue of The Institutional Risk Analyst, we speak to Mike Patterson, COO of Freedom Mortgage.
949 views


R. Christopher Whalen
Dec 16, 20226 min read
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
627 views

R. Christopher Whalen
Nov 19, 20221 min read
Record Losses for Mortgage Banks Presage Tough Year Ahead
Is 2023 the year of the Return of the Distressed Loan Trade?
542 views

R. Christopher Whalen
Nov 4, 20225 min read
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.
311 views

R. Christopher Whalen
Jul 27, 20225 min read
Update: Mr. Cooper Group
We agree with the assessment by Leon Cooperman of COOP management that this firm is one of the best positioned IMBs in the industry...
353 views


R. Christopher Whalen
Jun 9, 20228 min read
Interest Rates and Residential Mortgage REITs
We see an at least equal chance that margins will get squeezed for agency and MSR investors before they expand via higher interest rates
617 views

R. Christopher Whalen
Jun 6, 20226 min read
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.
1,290 views
Christopher Whalen
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