The Institutional Risk Analyst

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?

We add a new dimension of risk to the normalization of US bank earnings with the Russian war against Ukraine.

At a time when many US banks are reducing footprint in retail banking, TD is buying more.

The imposition of sanctions on Russia is not as comprehensive as some press reports suggest.

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

If Henry Ford lived today, would he build electric cars? With lithium batteries?

SI’s management team is taking advantage of the narrative in Washington, which is that stable coins will be a bank only product

If you consider QE “stimulus” inflationary, then Fed policy actually accelerated inflation in the November-January period.

Among the ten largest mortgage specialization banks, NexBank had among the best equity returns in Q3 2021

Collateralized lending in the US was essentially impossible outside of banks from 1925 through the mid-1970s...

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

We see a bright future ahead for the private label loan market....

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

Spreads have a long way to go before we return to the crisis levels of Q1 2020. And we are not nearly ready to go shopping.

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

Bottom line, when a bank seems to be doing much better than other banks, there is usually a reason and that reason is almost always bad

In the short-run rising interest rates and spreads will help bank earnings. But where is the next credit hot spot?

We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.

As we move into Q4 2021 earnings, keep your eyes peeled for news of restructuring of urban commercial commercial and multifamily properties