The Institutional Risk Analyst

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The Interview: Nom de Plumber on Forbearance Risk

April 19, 2021 | In this issue of The Institutional Risk Analyst, we feature a discussion with Nom de Plumber, the pseudonym for a prominent Wall Street risk manager who is currently ensconced at a major bank. While it is generally our policy to avoid anonymity, the fact of employment in a large company or bank means that you have no First Amendment rights. As we learned the hard way many years ago, the only free press is the one that you own.

The IRA: Good to connect again after the year of COVID. You’ve made some interesting comments on how the Consumer Financial Protection Bureau and the Federal Housing Finance Agency, to name a couple, have been treating the independent mortgage banks (IMBs). When servicing was controlled by banks, you could impose stupidity like foreclosure moratoria and it did not really matter. Now that IMBs control two-thirds of the mortgage market, it kind of matters. Care to elaborate?