The Institutional Risk Analyst

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

In 2019, the FOMC essentially nationalized the US money markets, eliminating private price discovery for a representation of a market.

The market tantrum which began on Friday was largely over by the market close on the following Tuesday.

The WGA Bank Top 50 is, well, the top half of the population, but far better in quality than the bottom quartile.

The rotation away from institutional investors to retail funding source for the $1.7 trillion direct lending market is an ominous sign

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?

We hear in the channel that banks with festering multifamily exposures are paying north of 10% for similar CRT transactions.

GS saw loss provisions fall slightly in Q2 2024 to $282 million but the number was still $600 million in the first half of the year...

The Basel Accord is one of the single biggest examples of a regulatory agency literally creating a new law from whole cloth.

The first comment to make is that consumer defaults are rising across the board. The only question we need to consider is the rate of change

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

The larger banks led the way in January and February, but today the top 25 names in terms of total return include many smaller banks.

The Fed bank stress tests are another sign of magical thinking in Washington.

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.

Citigroup leads the pack with a net loss rate of 133 basis points (bp) that is almost five times the average for Peer Group 1 at 27 bp.

BMO arguably has the weakest reserve position among the large Canadian banks....

In the 1950s through maybe into the late 1990s, the FOMC could control mortgage interest rates....