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Liquidity Preference: SVB Financial Group, WaMu & Reemerging GSEs

R. Christopher Whalen

Dec 127 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

419 views

R. Christopher Whalen

Dec 1015 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.

2,592 views

R. Christopher Whalen

Dec 54 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.

334 views

R. Christopher Whalen

Nov 136 min read

Fiat Currencies, GSEs & Presidents

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

865 views

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

R. Christopher Whalen

Oct 289 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.

719 views

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

R. Christopher Whalen

Oct 145 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 97 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 228 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%?

478 views

R. Christopher Whalen

Aug 136 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.

547 views

Yellen's FSOC: Housing Policy Dreams vs Mortgage Market Reality

R. Christopher Whalen

Jul 306 min read

Yellen's FSOC: Housing Policy Dreams vs Mortgage Market Reality

Yellen's proposal for a backstop is merely a canard to help Treasury avoid another fiasco next time a Ginnie Mae issuer fails

713 views

Update: New York Community Bank & Mr. Cooper

R. Christopher Whalen

Jul 278 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

Update: CapitalOne Financial & PennyMac Financial Services

R. Christopher Whalen

Jul 245 min read

Update: CapitalOne Financial & PennyMac Financial Services

Of note, PFSI has been growing share in wholesale, a direct challenge to UWMC

338 views

Will Donald Trump Release Fannie Mae & Freddie Mac?? Really?

R. Christopher Whalen

Jul 219 min read

Will Donald Trump Release Fannie Mae & Freddie Mac?? Really?

If JPM, PFSI or UWMC want to pay the government to wrap conventional MBS in a “AA+” sovereign rating, why should the Treasury say no?

3,256 views

Capital Confusion at Ginnie Mae & Mortgage Servicing Rights

R. Christopher Whalen

Jun 266 min read

Capital Confusion at Ginnie Mae & Mortgage Servicing Rights

Ginnie Mae would rather have issuers raise the NPV of the MSR in cash today than take the price risk of holding the whole MSR through time.

639 views

Joe Biden Goes Subprime; Should Citi Buy NYCB/Flagstar?

R. Christopher Whalen

May 206 min read

Joe Biden Goes Subprime; Should Citi Buy NYCB/Flagstar?

Citi is a subprime lender. They should be directly involved in government lending.

982 views

Yellen FSOC Punts on Mortgage Servicers; WGA Bottom 25 Banks

R. Christopher Whalen

May 137 min read

Yellen FSOC Punts on Mortgage Servicers; WGA Bottom 25 Banks

Are there bank bargains down in the cellar waiting to be discovered?

907 views

Freddie Mac Buying HELOCs? Really Meredith? | UWMC & Disappearing MSRs

R. Christopher Whalen

May 1010 min read

Freddie Mac Buying HELOCs? Really Meredith? | UWMC & Disappearing MSRs

We think Whitney’s comments about a surge in new lending from Freddie Mac buying home equity loans are poorly considered

3,606 views

R. Christopher Whalen

May 86 min read

Portfolio Update & Mortgage Survivors

The survivors in mortgage finance optimize operations around purchasing loans from brokers/ correspondents, and direct to consumer (DTC)

475 views

TCBI v Ginnie Mae Goes to Trial | Outlook for Commercial & Residential Mortgage Finance

R. Christopher Whalen

Apr 217 min read

TCBI v Ginnie Mae Goes to Trial | Outlook for Commercial & Residential Mortgage Finance

McCargo's actions and the fact that the case has not been dismissed in its entirety is very unhelpful given current market conditions.

1,183 views

Small Banks Have Big CRE Risk? Really? | Bank of America Update

R. Christopher Whalen

Mar 257 min read

Small Banks Have Big CRE Risk? Really? | Bank of America Update

The net losses disclosed by BAC and the other large banks at the end of Q4 2023 are significantly understated...

1,610 views