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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.

333 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

Fed Tightens Months Late, Even as it Attacks Liquidity

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

Update: Better.com, Wise PLC and United Wholesale Mortgage

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

As the Fed Ends QE, Stocks and Crypto Will Retreat

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

Update: Blend Labs, Guild Mortgage and United Wholesale Mortgage

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

343 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

604 views

Update: Rocket Companies, PennyMac Financial Services & Home Point

R. Christopher Whalen

Nov 8, 20216 min read

Update: Rocket Companies, PennyMac Financial Services & Home Point

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.

365 views

Update: New Residential Investment, Fortress & Softbank

R. Christopher Whalen

Nov 3, 20217 min read

Update: New Residential Investment, Fortress & Softbank

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

882 views

Cenlar FSB, COOP, BLND and the Great MSR Migration

R. Christopher Whalen

Oct 28, 20214 min read

Cenlar FSB, COOP, BLND and the Great MSR Migration

Risk to investors in the market for residential mortgages is rising and from multiple sources

454 views

R. Christopher Whalen

Oct 25, 20216 min read

Three Questions for Chairman Powell

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

671 views

R. Christopher Whalen

Oct 22, 20215 min read

Profile: Western Alliance Bancorp (WAL)

WAL is one the best performing small banks in the US based upon equity market valuations, profits and growth rates

285 views

Interview: Tom Showalter on Perfecting the Lending Process

R. Christopher Whalen

Oct 19, 20218 min read

Interview: Tom Showalter on Perfecting the Lending Process

We speak with a revolutionary in the world of lending, Tom Showalter, Founder and CEO of Candor Technology.

588 views

R. Christopher Whalen

Oct 15, 20217 min read

Zombie Banks, Crypto & MSRs

Fact is, we are all staring at computers or handsets, all of which are connected to the internet.

684 views

R. Christopher Whalen

Oct 12, 20216 min read

Bank Earnings Setup: Rebound to 2020

Many of the better managed financials that we track have become sellers of assets rather than buyers in the past several months.

319 views

R. Christopher Whalen

Sep 20, 202111 min read

The IRA Bank Book | Q3 2021

In the Q3 2021 edition of The IRA Bank Book, we document the slow destruction of US bank asset and equity returns by the FOMC.

365 views

R. Christopher Whalen

Sep 13, 20217 min read

Debt Ceilings & Interest Rate Floors

When Treasury market yields trade and stay negative, look for the Federal Reserve Board to come to the rescue of MM funds and banks.

841 views

R. Christopher Whalen

Jul 23, 20215 min read

Profile: Bank of America (BAC)

BAC is the worst performing bank in the top-five US commercial banks and often underperforms the average for Peer Group 1.

317 views