The Institutional Risk Analyst

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

If we are marking balance sheet assets to actual market in the age of deflation, what of the heavily modeled world of servicing assets?

The last Treasury Secretary that tried to extend the maturities of US government debt was Jack Lew (2013-2017). Yellen missed an opportunity

The “winners” in the mortgage sector will be those larger players with equally large servicing books that can access bank funding

Both PFSI and COOP are navigating the current market well, but we have questions about where the former is headed.

Fact is, Dr. Brainard has primary culpability in the growing economic pain being felt around the country.

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

Like COOP, volumes are down dramatically from 2021 but MSR values and cash flows from servicing are rising

Despite the outlook for the industry, COOP continues to be one of the better performing names in our mortgage surveillance group.

Fannie Mae and Freddie Mac will likely sit in conservatorship indefinitely unless and until Congress acts first.

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

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

Who is going to acquire and restructure Blend Labs (BLND) before this newbie-fintech-something runs out of cash?

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

When issuers like RKT and PFSI are paying up for servicing assets, you know that the secondary loan market is getting tougher by the day.

The good news is that NRZ is growing and making strides in terms of asset creation and, especially, asset retention.

Look for the FOMC to act early and go big in terms of forward repurchase agreements at the first sign of liquidity stress.

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

New issue volumes in all of the major securities asset classes other than Treasury debt are trending lower as 2021 begins....

The prospective ejection of the GSEs, Fannie Mae and Freddie Mac, from government control seems finally to be dead for the next four years.