The Institutional Risk Analyst

We expect to see a lot more M&A activity over the next 12 – 18 months, as that’s the only way for some players to grow share.

There is, after all, no free lunch for investors when the Fed is serving the thin meal of Financial Repression

Growing numbers of investors are burned by mortgage stocks. Big question: Will the industry snap back due to now falling interest rates?

The big surge in income and net worth caused by the FOMC last year is rapidly ending. Winter has returned to mortgage land...

Is BLND worth more than RKT, or entrenched data monopolies and solution providers such as BKI or even CLGX?

Fed Chairman Jay Powell effectively is short an equity put option to the world...

We view RKT's refusal to provide this material information to investors as a significant omission in its public disclosure...

Whether you are chasing alpha in stocks or buying crypto tokens or making non-agency mortgage loans, the maddening crowd is FOMO...

We continue to believe that issuers and funds should be accumulating conventional servicing. Rates bottomed in February...

Given that IMBs now service two-thirds of all 1-4 family residential mortgage loans, the risk to the nonbanks from COVID is growing...

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

There is no actual disclosure from PSFI as to exactly how much of the firm’s default advances are being financed with bondholder funds

Because of forward liquidity and credit concerns, the window for IMBs to tap the public equity markets appears to have closed for now

This week we make the bear case for the housing sector as several more large mortgage issuers announce IPOs....