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Taxing Crypto? And Just Where Is That Consumer Recession?

R. Christopher Whalen

5 hours ago8 min read

Taxing Crypto? And Just Where Is That Consumer Recession?

Yes, net loss rates in percentage terms post default are back up to 2010 levels, but the dollar volume of net charge-offs remains very low.

68 views

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.

1,223 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

Nov 20, 20246 min read

Profile: Bank of Hawaii & QE

The asset returns of BOH are substandard vs its peers. We cannot discern any reason for this save management lapses.

435 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

Oct 16, 20246 min read

Should TD Bank Rethink US Retail?

WFC is not even out of dodge yet, but TD has cut off the fingers of one hand in yakuza style and is now headed for years of misery

624 views

Hurricanes, Insurance & the Cost of Risk

R. Christopher Whalen

Oct 10, 20246 min read

Hurricanes, Insurance & the Cost of Risk

Many homes in FL no longer have adequate home owners insurance much less federal flood insurance.

930 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

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

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

R. Christopher Whalen

Jul 30, 20246 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

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

R. Christopher Whalen

Jul 21, 20249 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?

3,459 views

R. Christopher Whalen

Jul 7, 202410 min read

Goldman Sachs Fails Fed Stress Test

Notice that the Fed stress test is silent on trillions of dollars in mark-to-market losses facing US banks from COVID-era securities

3,108 views

R. Christopher Whalen

May 8, 20246 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

R. Christopher Whalen

May 1, 20245 min read

Then Old Media Became Redunzl

When will Disney decide to sell some or all of its streaming operations to keep the lights on at its theme parks?

538 views

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

R. Christopher Whalen

Apr 21, 20247 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.

1,185 views

Does Kathy Hochul Have a New York Community Bank Endgame?

R. Christopher Whalen

Mar 6, 20247 min read

Does Kathy Hochul Have a New York Community Bank Endgame?

FDIC Chairman Gruenberg ought to tell New York State to take over the rent controlled loans from Signature, NYCB and other lenders...

2,015 views1 comment

Assume Loss Given Default > 100% | PennyMac & Western Alliance Bank

R. Christopher Whalen

Feb 4, 202410 min read

Assume Loss Given Default > 100% | PennyMac & Western Alliance Bank

Q: What do Silicon Valley Bank, First Republic Bank, Signature Bank and New York Community Bank have in common? Auditor, KPMG.

2,611 views

Banks Slow Walk Commercial Real Estate Losses

R. Christopher Whalen

Jan 18, 20247 min read

Banks Slow Walk Commercial Real Estate Losses

As reflected in the valuations for JPM, WFC and BXMT, institutional investors are still not that concerned about commercial real est losses

763 views

Update: Citigroup Fights for Credibility

R. Christopher Whalen

Dec 21, 20237 min read

Update: Citigroup Fights for Credibility

Citigroup picked up almost 10 points of book value since the end of Q3 2023.

614 views

R. Christopher Whalen

Nov 8, 20235 min read

Update: Bank of America

If you conduct a fire sale analysis of BAC's balance sheet as of Q3 2023, the result more than wipes out the bank's tangible equity

1,099 views