The Institutional Risk Analyst

Our view is that the BKI purchase is a horrible deal for ICE shareholders, a value killer of epic proportions

We suspect that the IMBs will be sellers of conventional assets to defend their Ginnie Mae MSRs. Banks may be buyers of conventional assets

We hear in the channel that regulators are making their views of future loss probabilities very clear in guidance to the top banks

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

Since 2008, dollar swap spreads have traded below Treasury yields, suggesting a persistent demand for dollars coming from offshore.

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

Is 2023 the year of the Return of the Distressed Loan Trade?

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

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

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

Putting dollar leverage under crypto tokens – that is to say, under nothing – makes for infinite dollar risk.

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

Issuing CMOs via the GSEs could help the FOMC out of its trading mess, but represents a monumental irony.

Given the demand for safe assets, the true risk free rate today is probably less than zero. Ponder that Chairman Powell

If investors and partner banks don’t want to buy UPST loans at current market rates, then the game is over in an originate to sell model

The reduction in the Fed's balance sheet is the largest ever margin call on equity exposures of all descriptions.

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.

Just imagine how global markets will react when Putin deploys tactical nuclear weapons in Eastern Ukraine to avoid a military defeat

Simply stated, Morgan Stanley has a much more diverse and sustainable business model than Goldman Sachs...

Valuations for the top five US banks are up slightly as Q1 2022 comes to an end