The Institutional Risk Analyst

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...

Net, net, the dynamics in the market are actually forcing interest rates down

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

Q: What do Elon Musk and Masayoshi Son have in common? Gigantic margin loans...

The new technology that powers the Sagent-Cooper vision for servicing is already proven in the market

Benevolence, as Chris and I noted in our book "Financial Stability," always gets you more bang for the buck than being miserable.

Take the financials and add some unicorn dust in terms of innovation to the mix and perhaps a double-digit PE ratio for PYPL makes sense.

There are virtually no conventional lenders in the US today that are profitable when the sell a loan into the secondary market.

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

Many of the startups, investment flows and SPAC transactions that proliferated in 2020-2021 are likely to be casualties in the next several

With MBS prices falling, the FOMC may have to accept the natural runoff rate for the MBS in the SOMA for many years to come

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

If the Fed causes another liquidity crisis as it ends QE and shrinks the balance sheet, then Chairman Powell should immediately resign.

There a brisk debate ongoing in the fixed income markets over how much the Federal Open Market Committee will raise interest rates and when

In our view, Guild Mortgage is one of the highest quality businesses in the residential mortgage space.

Why did FOA write down $1.4 billion in intangible equity, yet UWM took no similar write down?

UPST has seen its valuation cut by 60% since March of last year, when its common equity traded at a mere 31x book value.

February 7, 2022 | Last week saw the start of the reporting season for publicly listed mortgage companies, with loanDepot (LDI) and...

Why does this bank exist? What market does it serve and how will it grow in the future?

The Powell FOMC has lost all credibility when it comes to financial markets or managing inflation and independence from the US Treasury