The Institutional Risk Analyst

But nothing lasts forever in mortgage land or in financials. Stay tuned and pay attention to LT rates and spreads...

The largest banks continue to serve as a haven for refugees from crypto fraud schemes and the fintech swoon, but are not cheap

The US government now owns the largest reverse lender in the country.

Like most nonbanks (and Goldman Sachs is predominantly a nonbank), volumes are falling and funding costs are rising.

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

Rapidly rising interest rates in Q3 2022 pushed down the tangible capital for the US banking industry to negative $1.9 trillion

The US banking industry has been rendered insolvent by the Federal Open Market Committee

Despite all the hyperbole, the great crypto fraud was a small game, like the party poker that many crypto enthusiasts share in common

It seems obvious that the reported book value metrics coming from many commercial banks, REITs and mortgage banks are a tad inflated...

Crypto has gone from a sort-of juiced up equity strategy to a distressed credit story in just hours.

Every residential mortgage loan made in 2020-2021 is likely to be underwater by the end of 2023

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.

Like COOP, volumes are down dramatically from 2021 but MSR values and cash flows from servicing are rising

Will the market risk created by quantitative tightening (QT) tip over a large bank or nonbank financial firm?

How will this above-peer performer from Little Rock do in a Fed-induced recession that rivals 2008 in terms of market losses?

A number of readers have asked us to talk about the winners and losers among large banks in the current interest rate environment.

We expect to see reasonably strong earnings for commercial lenders in Q3 2022 as loan yields slowly rise...

Investors who were buying large caps at 2x book value a year ago are now running away from bank stocks just as fundamentals improve...

Interest rates are starting to be very positive, and bank deposit rates are barely moving, so pretense of fintech as bank killer is over

Total noncore funding at GS was over $700 billion at the end of Q1 2022 vs $321 billion for MS.