Update: Mr. Cooper & PennyMac Financial
Both PFSI and COOP are navigating the current market well, but we have questions about where the former is headed.
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The Institutional Risk Analyst
© 2003-2024 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance
R. Christopher Whalen
Apr 19, 20237 min read
The Bank Deposit Run Is Not Over
The funding crisis affecting US banks is not over and very definitely not limited to smaller banks.
4,569 views
R. Christopher Whalen
Mar 14, 20238 min read
QE & the Yellen Banking Crisis
By any reasonable standard, Janet Yellen should have already resigned, but not in the strange world of Washington.
3,157 views
R. Christopher Whalen
Mar 6, 20238 min read
Atlas Stumbles, Silvergate Wallows; 360 Mortgage v. Fortress (and RITM)
Are nonbank mortgage firms a risk to Ginnie Mae? Or is it really the other way around?
1,805 views
R. Christopher Whalen
Mar 2, 20236 min read
RKT Sinks, UWMC Wobbles, RITM Treads Water & Goldman Doubles Down
GS is a securities dealer first and foremost and has no comparative advantage as a bank.
898 views
R. Christopher Whalen
Feb 23, 20237 min read
The Return of Credit Risk
Fact is, Dr. Brainard has primary culpability in the growing economic pain being felt around the country.
2,384 views
R. Christopher Whalen
Feb 13, 20238 min read
Ginnie Mae - Credit Suisse = ? A Biden MSR Tax? Does BKI + ICE = < 2?
Our view is that the BKI purchase is a horrible deal for ICE shareholders, a value killer of epic proportions
1,045 views
R. Christopher Whalen
Feb 9, 20237 min read
Mortgage Wrap; PennyMac Financial, Rithm Capital & MSRs
We suspect that the IMBs will be sellers of conventional assets to defend their Ginnie Mae MSRs. Banks may be buyers of conventional assets
535 views
R. Christopher Whalen
Jan 19, 20239 min read
Interview: Mike Patterson, Freedom Mortgage
In this issue of The Institutional Risk Analyst, we speak to Mike Patterson, COO of Freedom Mortgage.
928 views
R. Christopher Whalen
Jan 13, 20236 min read
Update: JPMorganChase & Wells Fargo
But nothing lasts forever in mortgage land or in financials. Stay tuned and pay attention to LT rates and spreads...
498 views
R. Christopher Whalen
Jan 4, 20237 min read
Update: Truist, Charles Schwab, U.S. Bancorp & PNC Financial
The largest banks continue to serve as a haven for refugees from crypto fraud schemes and the fintech swoon, but are not cheap
768 views
R. Christopher Whalen
Dec 22, 20226 min read
GNMA, FNMA Seize Assets from Reverse Mortgage Funding Estate
The US government now owns the largest reverse lender in the country.
1,396 views
R. Christopher Whalen
Dec 2, 20226 min read
RMF Bankruptcy Signals Systemic Risk in GNMA Market
Bankruptcy of Reverse Mortgage Funding may be first step in a systemic crisis affecting the government loan market
1,095 views
R. Christopher Whalen
Nov 19, 20221 min read
Record Losses for Mortgage Banks Presage Tough Year Ahead
Is 2023 the year of the Return of the Distressed Loan Trade?
542 views
R. Christopher Whalen
Nov 17, 20227 min read
Extension Risk Threatens US Banks
There are literally dozens of banks in the US made insolvent by the policy moves of the FOMC over the past year.
1,213 views
R. Christopher Whalen
Nov 15, 20226 min read
Loan Delinquency, EBOs & Ginnie Mae MSRs
It seems obvious that the reported book value metrics coming from many commercial banks, REITs and mortgage banks are a tad inflated...
767 views
R. Christopher Whalen
Nov 7, 20227 min read
Brief: The Return of Home Equity Loans
Every residential mortgage loan made in 2020-2021 is likely to be underwater by the end of 2023
1,339 views
R. Christopher Whalen
Nov 4, 20225 min read
TIAA Sells Everbank; Mortgage Earnings Wrap
The big news this week starts with the poor showing by Rocket Companies (RKT), reporting a loss for Q3 2022 and a big decline in volumes.
309 views
R. Christopher Whalen
Oct 28, 20227 min read
Update: Credit Suisse (CS) & PennyMac Financial (PFSI)
Like COOP, volumes are down dramatically from 2021 but MSR values and cash flows from servicing are rising
956 views
R. Christopher Whalen
Oct 26, 20224 min read
Update: Mr. Cooper (COOP)
Despite the outlook for the industry, COOP continues to be one of the better performing names in our mortgage surveillance group.
297 views
Christopher Whalen
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