The Institutional Risk Analyst

Who are the two most powerful people in the Trump White House?

COOP and RKT, plus RDFN, creates an integrated business of realty, lending, servicing and asset management that is impressive

The majority of the actual cash profit generated from residential lending is found in the mortgage servicing rights (MSRs).

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

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

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

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

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

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.

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

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

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

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

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

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

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?

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.

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

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

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