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Bank Book Q1 2024 Released; Biden Penalizes Consumers Who Refinance

R. Christopher Whalen

Mar 104 min read

Bank Book Q1 2024 Released; Biden Penalizes Consumers Who Refinance

Despite what Joe Biden says about helping Americans with the soaring cost of housing, he really protects Black Rock (BK), Pimco et al

1,314 views

Update: UWMC & Rocket; Rate Cut Dreams Fade

R. Christopher Whalen

Feb 297 min read

Update: UWMC & Rocket; Rate Cut Dreams Fade

Industry leaders believe that the FHFA wants the GSEs to offer issuers "repurchase insurance" to the tune of 25bps per loan.

585 views

R. Christopher Whalen

Feb 186 min read

Home Mortgage Rates Falling? Really?

If President Trump starts talking about fixing the federal budget deficit and redeveloping moribund urban real estate, he’d win in November

1,503 views

R. Christopher Whalen

Feb 156 min read

Interest Rates, Mortgage Lenders & MSRs

While there are a great number of people inside the Fed who ponder the appropriate level of reserves in the system, they don't really know

648 views

R. Christopher Whalen

Jan 33 min read

Comments on Basel III Endgame

The Basel III proposal reflects a view of financial risks facing US banks that is decades out of date and ignores market risk

750 views

R. Christopher Whalen

Nov 17, 20236 min read

Recessions Signs in Texas & China

The mood in the Dallas mortgage community is subdued, much like the atmosphere after an especially good party.

535 views

R. Christopher Whalen

Nov 14, 20233 min read

Housing Finance Outlook Q4 2023

Baring some emergency, the Fed seems on track to keep interest rates at current levels indefintely.

560 views

R. Christopher Whalen

Nov 1, 20236 min read

Update: PennyMac Financial Services

If we are marking balance sheet assets to actual market in the age of deflation, what of the heavily modeled world of servicing assets?

510 views

R. Christopher Whalen

Oct 26, 20239 min read

Interest Rates, Fintech & MSRs

Regulatory skepticism about mortgage assets could effect financing rates for lenders, which means higher mortgage rates for consumers.

528 views

Bank Earnings Takeaways -- JPM, WFC and Citi

R. Christopher Whalen

Oct 15, 20237 min read

Bank Earnings Takeaways -- JPM, WFC and Citi

Bank earnings can be best described as cautiously mediocre, but as usual the Street proclaimed that three banks "beat the estimates"

728 views

R. Christopher Whalen

Oct 9, 20237 min read

Texas Capital Bank v Ginnie Mae

The legal dispute between Ginnie Mae and Texas Capital Bank makes additional defaults by HECM lenders more likely...

1,039 views

R. Christopher Whalen

Oct 2, 20236 min read

Credit Suisse\UBS to Apollo: Bye, Bye

UBS ultimately seems intent upon running off the remaining US mortgage assets, including a few billion in Ginnie Mae MSR financings

845 views

Does PacWest + Banc of California + Warburg Pincus = Value?

R. Christopher Whalen

Sep 18, 20237 min read

Does PacWest + Banc of California + Warburg Pincus = Value?

The Q2 2023 disclosure for PACW suggests an institution that is bleeding cash and operating in extremis...

648 views

RITM Goes Multi Asset; TCBI Shrinks Assets, Grows Returns

R. Christopher Whalen

Aug 4, 20236 min read

RITM Goes Multi Asset; TCBI Shrinks Assets, Grows Returns

TCBI needs to keep efficiency in the 50s if they want to survive the coming drought in mortgage lending.

426 views

Washington Trip Notes; Mr. Cooper & PennyMac Financial

R. Christopher Whalen

Jul 28, 20235 min read

Washington Trip Notes; Mr. Cooper & PennyMac Financial

The last Treasury Secretary that tried to extend the maturities of US government debt was Jack Lew (2013-2017). Yellen missed an opportunity

653 views

R. Christopher Whalen

Jul 20, 20235 min read

Update: U.S. Bancorp & Goldman Sachs

We expect to see USB trading at a discount to JPM and Peer Group 1 until the bank improves its operating leverage to pre-COVID levels.

537 views

R. Christopher Whalen

Jul 15, 20235 min read

Bank Earnings: JPM, WFC & Citi

JPM has an impressive lead in earnings and growth over WFC and C, neither one of which is positioned to catch up with Jamie Dimon in 2023.

500 views

Mortgage Lenders Face Return of a Purchase Market

R. Christopher Whalen

Jul 8, 20237 min read

Mortgage Lenders Face Return of a Purchase Market

The “winners” in the mortgage sector will be those larger players with equally large servicing books that can access bank funding

903 views

Update: Mortgage Lenders, TBA Contango & MSRs

R. Christopher Whalen

Jun 26, 20238 min read

Update: Mortgage Lenders, TBA Contango & MSRs

We look for lower prices for legacy MBS and MSRs as new allocations are used up and P&Ls sink deeper into the red...

1,104 views

R. Christopher Whalen

May 29, 20237 min read

Calculate the WAC of Bank of America

If you believe that the Fed is going to keep interest rates at or above current levels through to 2024, then we have a problem....

2,777 views