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Critiquing Bill Ackman Statement on GSE Release

R. Christopher Whalen

4 days ago8 min read

Critiquing Bill Ackman Statement on GSE Release

Cute reference to "average cost," but total return to date would be of greater interest.

1,214 views

Update: Has Jane Fraser Redeemed Citigroup? Nope.

R. Christopher Whalen

Dec 18, 20247 min read

Update: Has Jane Fraser Redeemed Citigroup? Nope.

Citi seems to be tracking the group now, whereas pre-COVID the stock significantly underperformed in terms of market beta. But performance?

523 views

Liquidity Preference: SVB Financial Group, WaMu & Reemerging GSEs

R. Christopher Whalen

Dec 12, 20247 min read

Liquidity Preference: SVB Financial Group, WaMu & Reemerging GSEs

Selling the Treasury's control position in the GSEs while dragging the furious shareholders along behind is not an attractive opportunity

457 views

R. Christopher Whalen

Dec 10, 202415 min read

Kamikaze GSE Release? Oh Yeah...

Yes, that's right, we are going to downgrade $8 trillion in GSE MBS and hundreds of billions in corporate debt.

2,962 views

R. Christopher Whalen

Dec 5, 20244 min read

Update: Blend Labs Inc.

BLND is generating operating leverage via cost reductions, another way of saying that management is slowly winding up the business.

339 views

Update: Block Inc, Nu Holdings & Guild Holdings

R. Christopher Whalen

Nov 15, 20247 min read

Update: Block Inc, Nu Holdings & Guild Holdings

Notice that SQ co-founder Jack Dorsey styles himself as "block head" in the corp roster, a silly affectation that does not help the stock

411 views

R. Christopher Whalen

Nov 13, 20246 min read

Fiat Currencies, GSEs & Presidents

Could President elect Donald Trump be facing a maxi market correction before inauguration day?

868 views

R. Christopher Whalen

Nov 6, 20245 min read

Financials: Post-Trump Victory Notes

The changes that are going to occur in Washington over the next four years will be dramatically different than during Trump I.

1,095 views

R. Christopher Whalen

Nov 1, 20248 min read

Fed Duration Trap Threatens Banks, SOMA

It’s time for the Fed to get smart on duration risk before circumstances create another money market crisis.

1,073 views

Is Trump Bullish for Interest Rates? Pump & Dump for GSE and Fintech Stocks

R. Christopher Whalen

Oct 30, 20246 min read

Is Trump Bullish for Interest Rates? Pump & Dump for GSE and Fintech Stocks

You can tell lies and damn lies about the idea of releasing Fannie and Freddie, but the SEC and FINRA cannot and will not say a word.

804 views

Housing Finance Outlook; PennyMac, Mr. Cooper & NYCB/Flagstar

R. Christopher Whalen

Oct 28, 20249 min read

Housing Finance Outlook; PennyMac, Mr. Cooper & NYCB/Flagstar

NYCB and the unsold rent-stabilized assets left over from the failure of SBNY are two little surprises waiting for the next POTUS.

725 views

Powell Overshoots the Runway; Update: American Express & Charles Schwab

R. Christopher Whalen

Oct 23, 20247 min read

Powell Overshoots the Runway; Update: American Express & Charles Schwab

Last year, when a lot of people were predicting the demise of SCHW, we told our readers to calm down.

705 views

Update: Citigroup, Bank America and Goldman Sachs

R. Christopher Whalen

Oct 18, 20247 min read

Update: Citigroup, Bank America and Goldman Sachs

How is Goldman going to extricate itself from this profoundly unattractive business with AAPL without destroying Apple Card?

454 views

Will Rohit Chopra Kill Basel III? Shrinking NIM at JPM and WFC

R. Christopher Whalen

Oct 14, 20245 min read

Will Rohit Chopra Kill Basel III? Shrinking NIM at JPM and WFC

In opposing Basel III, Chopra is doing the bidding of Senator Elizabeth Warren (D-MA) but big banks are very happy to have no rule at all.

642 views

R. Christopher Whalen

Oct 9, 20247 min read

Citigroup + (Cenlar - Black Knight) = ?

The Citi decision to exit mortgage servicing perhaps made sense in 2017, but today not so much.

415 views

GSE Release Under Trump? Post-Rate Cut Margin Calls??

R. Christopher Whalen

Sep 22, 20248 min read

GSE Release Under Trump? Post-Rate Cut Margin Calls??

Why should a private Fannie Mae be a 20% risk weight under Basel III, but PFSI or Mr. Cooper (COOP) are 100%?

481 views

R. Christopher Whalen

Sep 16, 20242 min read

IRA Bank Book Q3 2024 Industry Survey

The Q3 interest rate rally still leaves the industry with a negative capital position since the average securities yield is only 3%

367 views

R. Christopher Whalen

Aug 13, 20246 min read

Bank of Nova Scotia + KeyCorp = ??

If you were really, REALLY going to do mortgage warehouse lending in today's market, KEY would be the better platform, not BNS.

548 views

R. Christopher Whalen

Aug 8, 20246 min read

Market Volatility and Loan Defaults

The market tantrum which began on Friday was largely over by the market close on the following Tuesday.

1,183 views

Update: New York Community Bank & Mr. Cooper

R. Christopher Whalen

Jul 27, 20248 min read

Update: New York Community Bank & Mr. Cooper

Joe Otting does not seem to understand the value of the Flagstar correspondent lending and mortgage servicing business...

628 views