The Fed and Housing
Issuing CMOs via the GSEs could help the FOMC out of its trading mess, but represents a monumental irony.
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The Institutional Risk Analyst
© 2003-2024 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance
R. Christopher Whalen
Jun 12, 20227 min read
QE = Supranormal Credit Risk
Given the demand for safe assets, the true risk free rate today is probably less than zero. Ponder that Chairman Powell
561 views
R. Christopher Whalen
Jun 2, 20227 min read
Update: Upstart Holdings & Cross River Bank
If investors and partner banks don’t want to buy UPST loans at current market rates, then the game is over in an originate to sell model
774 views
R. Christopher Whalen
May 23, 20227 min read
Equity Market Valuations & Quantitative Tightening
The reduction in the Fed's balance sheet is the largest ever margin call on equity exposures of all descriptions.
1,004 views
R. Christopher Whalen
May 4, 20225 min read
Interest Rates, Credit and MSRs
Even as Powell signals willingness to take interest rate targets higher, he has put off a decision on the Fed's balance sheet until June.
498 views
R. Christopher Whalen
Apr 20, 20225 min read
Ukraine & the Return of Credit Risk
Just imagine how global markets will react when Putin deploys tactical nuclear weapons in Eastern Ukraine to avoid a military defeat
547 views
R. Christopher Whalen
Apr 17, 20226 min read
Profile: Morgan Stanley vs Goldman Sachs
Simply stated, Morgan Stanley has a much more diverse and sustainable business model than Goldman Sachs...
438 views
R. Christopher Whalen
Mar 28, 20226 min read
Top Five US Banks: USB, JPM, WFC, C & BAC
Valuations for the top five US banks are up slightly as Q1 2022 comes to an end
396 views
R. Christopher Whalen
Mar 15, 20225 min read
QE, Risk Premia and Option Adjusted Spreads
There a brisk debate ongoing in the fixed income markets over how much the Federal Open Market Committee will raise interest rates and when
862 views
R. Christopher Whalen
Jan 21, 20225 min read
Powell, Yellen, Bernanke and Post-QE Deflation
The Powell FOMC has lost all credibility when it comes to financial markets or managing inflation and independence from the US Treasury
788 views
R. Christopher Whalen
Jan 12, 20228 min read
Q4 Earnings | Big Banks & QE
In the short-run rising interest rates and spreads will help bank earnings. But where is the next credit hot spot?
664 views
R. Christopher Whalen
Jan 6, 20225 min read
Interest Rates, Stocks & MSRs
We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.
541 views
R. Christopher Whalen
Jan 4, 20226 min read
Mortgage Crises Yesterday and Today
As we move into Q4 2021 earnings, keep your eyes peeled for news of restructuring of urban commercial commercial and multifamily properties
787 views
R. Christopher Whalen
Dec 22, 20219 min read
Update: Block Inc. & Upstart Holdings
Is SQ really, REALLY worth 25x book value? Our respectful answer to that question is no.
331 views
R. Christopher Whalen
Dec 13, 202111 min read
A Bull Case for US Banks?
We ask whether bank fundamentals are starting to catch up to the very full equity market valuations , up 40% since the end of 2020
515 views
R. Christopher Whalen
Dec 7, 20217 min read
Fed Tightens Months Late, Even as it Attacks Liquidity
any of the problems that the Fed now seeks to fix, starting with the unnecessary elimination of LIBOR, are a function of earlier policies...
747 views
R. Christopher Whalen
Dec 1, 20217 min read
Update: Better.com, Wise PLC and United Wholesale Mortgage
Somehow the folks at UWMC did not take notice of the fact that secondary stock offerings for all issuers have basically disappeared
415 views
R. Christopher Whalen
Nov 15, 20214 min read
As the Fed Ends QE, Stocks and Crypto Will Retreat
And in the meantime, we view the end of QE as a net negative for global stocks as well as crypto. Everything is correlated in a crowd.
1,148 views
R. Christopher Whalen
Nov 12, 20216 min read
Update: Blend Labs, Guild Mortgage and United Wholesale Mortgage
To paraphrase our friend and fellow mortgage maven Rob Chrisman, ponder a 2022 lending market that’s 75% purchases and just 4.79 million uni
333 views
R. Christopher Whalen
Nov 10, 20218 min read
Is New York City Coming Back?
Over the next several years, as the economic cost of COVID becomes full visible, New York City may face its second financial crisis
602 views
Christopher Whalen
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