Ginnie Mae - Credit Suisse = ? A Biden MSR Tax? Does BKI + ICE = < 2?
Our view is that the BKI purchase is a horrible deal for ICE shareholders, a value killer of epic proportions
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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
462 views
R. Christopher Whalen
- Jan 23
- 6 min
Update: Bank of America
We hear in the channel that regulators are making their views of future loss probabilities very clear in guidance to the top banks
483 views
R. Christopher Whalen
- Jan 13
- 6 min
Update: JPMorganChase & Wells Fargo
But nothing lasts forever in mortgage land or in financials. Stay tuned and pay attention to LT rates and spreads...
482 views
R. Christopher Whalen
- Oct 17, 2022
- 7 min
Will the FOMC Break the Financials?
Will the market risk created by quantitative tightening (QT) tip over a large bank or nonbank financial firm?
772 views
R. Christopher Whalen
- Oct 12, 2022
- 7 min
Update: U.S. Bank vs. Bank OZK; Q3 2022 Earnings Setup
How will this above-peer performer from Little Rock do in a Fed-induced recession that rivals 2008 in terms of market losses?
591 views
R. Christopher Whalen
- Oct 2, 2022
- 10 min
Large Banks: QT Winners & Losers
A number of readers have asked us to talk about the winners and losers among large banks in the current interest rate environment.
779 views
R. Christopher Whalen
- Sep 22, 2022
- 8 min
The Bear Case for Ginnie Mae Issuers
The nightmare scenario in the government loan market is that FHA loan delinquency rises to the point where issuers become insolvent
650 views
R. Christopher Whalen
- Aug 24, 2022
- 6 min
Interview: Scott Olson of Community Home Lenders of America
The banks have left the government market. Now Ginnie Mae seems bound and determined to drive the IMBs out of government lending as well
659 views
R. Christopher Whalen
- Jul 19, 2022
- 6 min
Interest Rates & Bank Earnings
The good news for BAC and other banks is that there is a discernable lift underway on the yield of bank balance sheets
347 views
R. Christopher Whalen
- Jun 29, 2022
- 8 min
Bank Earnings Setup: JPM, USB, WFC, BAC & Citi
Most of the banks in our surveillance group are down between 10% and 30% so far this year, but none of these are particularly cheap as yet
442 views
R. Christopher Whalen
- Jun 15, 2022
- 5 min
Update: US Banks Post-QE
Even as the FOMC raises interest rates, we caution our readers to be prepared for disappointment from banks near term
402 views
R. Christopher Whalen
- May 29, 2022
- 2 min
The IRA Bank Book | Outlook Q2 2022
The sharp rise in bank stocks in 2021 coincided with a surge in operating income due to COVID. Now we reverse that trend in 2022...
397 views
R. Christopher Whalen
- May 4, 2022
- 5 min
Interest Rates, Credit and MSRs
Even as Powell signals willingness to take interest rate targets higher, he has put off a decision on the Fed's balance sheet until June.
476 views
R. Christopher Whalen
- Apr 11, 2022
- 5 min
Weak Bank Earnings & Surging Interest Rates = Lower Valuations
Will Fed Chairman Jay Powell fold in terms of further rate hikes if the S&P 500 falls 1,000 points in a day?
489 views
R. Christopher Whalen
- Mar 28, 2022
- 6 min
Top Five US Banks: USB, JPM, WFC, C & BAC
Valuations for the top five US banks are up slightly as Q1 2022 comes to an end
353 views
R. Christopher Whalen
- Jan 27, 2022
- 6 min
Profile: Citigroup (C)
Why does this bank exist? What market does it serve and how will it grow in the future?
268 views
R. Christopher Whalen
- Jan 12, 2022
- 8 min
Q4 Earnings | Big Banks & QE
In the short-run rising interest rates and spreads will help bank earnings. But where is the next credit hot spot?
641 views
R. Christopher Whalen
- Jan 4, 2022
- 6 min
Mortgage Crises Yesterday and Today
As we move into Q4 2021 earnings, keep your eyes peeled for news of restructuring of urban commercial commercial and multifamily properties
777 views
R. Christopher Whalen
- Sep 20, 2021
- 11 min
The IRA Bank Book | Q3 2021
In the Q3 2021 edition of The IRA Bank Book, we document the slow destruction of US bank asset and equity returns by the FOMC.
354 views
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