Who Leads the Asset Gatherers? | SCHW, MS, GS, AMP, RJF & SF
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.
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The Institutional Risk Analyst
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Banks | Markets | Finance
R. Christopher Whalen
Jun 46 min read
Inside the Private Credit Trade
Direct lenders are the pawnbrokers of the 21st Century for subprime commercial borrowers, usually firms financed via leveraged buyouts.
1,216 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
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
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
May 25, 20238 min read
Interest Rates, MSRs, Mortgage Putbacks & FICO Scores
Persistent talk about a 5.5% 30-year mortgage rate later this year is badly wrong as TBAs flip from 5.5% to 6% coupons for delivery in June
1,122 views
R. Christopher Whalen
Mar 17, 20238 min read
Mark-to-Market on Bank America; Update on Credit Suisse & Guild Holdings
We recently added Western Alliance (WAL) and GHLD to our portfolio
2,718 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.
1,404 views
R. Christopher Whalen
Apr 22, 20226 min read
Update: Western Alliance Bancorp (WAL) and Silvergate Corp (SI)
There are virtually no conventional lenders in the US today that are profitable when the sell a loan into the secondary market.
396 views
R. Christopher Whalen
Oct 19, 20218 min read
Interview: Tom Showalter on Perfecting the Lending Process
We speak with a revolutionary in the world of lending, Tom Showalter, Founder and CEO of Candor Technology.
587 views
R. Christopher Whalen
Feb 22, 20215 min read
Western Alliance + AmeriHome = Big Possibilities
We have long advocated the idea of an independent mortgage bank (IMB) combining with a strong regional lender
615 views
R. Christopher Whalen
Nov 12, 20207 min read
Nonbank Update: Rocket Companies
Because of forward liquidity and credit concerns, the window for IMBs to tap the public equity markets appears to have closed for now
554 views
Christopher Whalen
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