The Institutional Risk Analyst

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.

When Treasury market yields trade and stay negative, look for the Federal Reserve Board to come to the rescue of MM funds and banks.

BAC is the worst performing bank in the top-five US commercial banks and often underperforms the average for Peer Group 1.

Is BLND worth more than RKT, or entrenched data monopolies and solution providers such as BKI or even CLGX?

While the progress in machine learning is impressive, horsepower in terms of computational capacity does not translate into intelligence.

Fed Chairman Jay Powell effectively is short an equity put option to the world...

Every time there’s a critical problem in the banking system due to banker malfeasance, the Fed steps in to paper it over....

Each burst of liquidity provided by the FOMC in response to a major externality creates the conditions for the next financial crisis

Citi has drifted through years of government ownership and weak leadership by the board of directors

We continue to believe that issuers and funds should be accumulating conventional servicing. Rates bottomed in February...

US banks are running at income levels that are less than half of a year ago...

“Time to turn on the lights and find the rest of the cockroaches”

Think of the Federal Reserve Bank of New York as a giant sump pump, sucking the available duration out of the bond market...

This is a really bad time to be focused on macroeconomic data....

And after the great correction, the dollar will still be the global means of exchange, but Americans will have lost a huge amount of income

In this issue of The Institutional Risk Analyst, we compare two major players in the residential mortgage servicing space, New...

Remember when Fed Chair Yellen expressed surprise that more young people were not buying homes?

Significantly, OZK predicts shrinking CRE loan volumes in 2021....

magine if the Fed started margin calling the big banks in response to the April market selloff rather than supporting the system!

Most of midtown Manhattan’s offices and other structures are unused. Commuter volumes are 10% of pre-COVID levels.