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...
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The Institutional Risk Analyst
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Banks | Markets | Finance
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
334 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
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
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.
879 views
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
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
R. Christopher Whalen
Jun 30, 20217 min read
Profile: Blend Labs, Inc ("BLND")
Is BLND worth more than RKT, or entrenched data monopolies and solution providers such as BKI or even CLGX?
871 views
R. Christopher Whalen
Jun 17, 20219 min read
Upstart Holdings: Victory for AI? Or Not...
While the progress in machine learning is impressive, horsepower in terms of computational capacity does not translate into intelligence.
554 views
R. Christopher Whalen
Jun 8, 20217 min read
Icons of Meme Investing
Fed Chairman Jay Powell effectively is short an equity put option to the world...
573 views
R. Christopher Whalen
Jun 1, 20214 min read
Lee Adler: Banks Are As Fragile As Ever
Every time there’s a critical problem in the banking system due to banker malfeasance, the Fed steps in to paper it over....
925 views
Christopher Whalen
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