The Institutional Risk Analyst

Ally is still more finance company than bank and really has no core deposit base worthy of the name.

The Fed’s de facto embrace of inflation encourages misallocation of economic resources on a grand scale....

In other words, those residual claims on crypto issuers that have been trading at pennies on the dollar may have no value whatsoever.

Like most nonbanks (and Goldman Sachs is predominantly a nonbank), volumes are falling and funding costs are rising.

Since 2008, dollar swap spreads have traded below Treasury yields, suggesting a persistent demand for dollars coming from offshore.

Rapidly rising interest rates in Q3 2022 pushed down the tangible capital for the US banking industry to negative $1.9 trillion

Bankruptcy of Reverse Mortgage Funding may be first step in a systemic crisis affecting the government loan market

The US banking industry has been rendered insolvent by the Federal Open Market Committee

Despite all the hyperbole, the great crypto fraud was a small game, like the party poker that many crypto enthusiasts share in common

There are literally dozens of banks in the US made insolvent by the policy moves of the FOMC over the past year.

Despite the outlook for the industry, COOP continues to be one of the better performing names in our mortgage surveillance group.

Will the market risk created by quantitative tightening (QT) tip over a large bank or nonbank financial firm?

With the Fed doubling down on rate increases, the pressure on all manner of nonbank finance companies and fintech platforms is growing.

A number of readers have asked us to talk about the winners and losers among large banks in the current interest rate environment.

The nightmare scenario in the government loan market is that FHA loan delinquency rises to the point where issuers become insolvent

Investors who were buying large caps at 2x book value a year ago are now running away from bank stocks just as fundamentals improve...

The assumption of price volatility on the part of consumers and business managers is at the heart of inflation expectations

If the merger of Black Knight and Intercontinental Exchange goes through, the expanded ICE monopoly will simply give POS tools away for free

Interest rates are starting to be very positive, and bank deposit rates are barely moving, so pretense of fintech as bank killer is over

Total noncore funding at GS was over $700 billion at the end of Q1 2022 vs $321 billion for MS.