The Institutional Risk Analyst

Sad to say, the business at NYCB is doing better than you'd think reading the bank's absurd disclosure.

Simply stated, with T-bills trading significantly above the yield on RRPs, there is no reason for MMFs to leave cash at the Fed

Regulatory skepticism about mortgage assets could effect financing rates for lenders, which means higher mortgage rates for consumers.

If a bank has 6% debt to assets, what is the equity of the parent BHC worth?

We liked the NYCB + Flagstar story prior to the transaction with the FDIC for the assets and deposits of Signature Bank.

Mark Twain called Washington ''the grand old benevolent National Asylum for the Helpless'' in his classic "The Gilded Age."

GS is a securities dealer first and foremost and has no comparative advantage as a bank.

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

The big take away from Q4 2022 earnings is that credit expenses are headed higher and at a brisk pace

The combination of New York Community Bank and Flagstar creates an $85 billion bank with a national mortgage business