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The Institutional Risk Analyst
Annuities Migrate Offshore? Silicon Valley Syndrome and Bank of America
Even a small decrease in prepayments due to higher LT interest rates could significantly impact the fair value of the Bank of America mortgage portfolio, forcing unrealized losses higher. If LT rates continue to rise, one veteran banker told The IRA yesterday, then BAC and several other large banks are going to start to literally shake apart from unrealized losses on COVID era assets.
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May 297 min read
Trading Points: Trump, Housing & Private Credit
President Trump is using the threat of tariffs to change the behavior of some of our trading partners, particularly Canada and Mexico.
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Mar 57 min read
Does PacWest + Banc of California + Warburg Pincus = Value?
The Q2 2023 disclosure for PACW suggests an institution that is bleeding cash and operating in extremis...
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Sep 18, 20237 min read
Update: Western Alliance Bancorp (WAL) and Silvergate Corp (SI)
There are virtually no conventional lenders in the US today that are profitable when the sell a loan into the secondary market.
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Apr 22, 20226 min read
Western Alliance + AmeriHome = Big Possibilities
We have long advocated the idea of an independent mortgage bank (IMB) combining with a strong regional lender
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Feb 22, 20215 min read
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