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
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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
Oct 306 min read
Is Trump Bullish for Interest Rates? Pump & Dump for GSE and Fintech Stocks
You can tell lies and damn lies about the idea of releasing Fannie and Freddie, but the SEC and FINRA cannot and will not say a word.
781 views
R. Christopher Whalen
Oct 289 min read
Housing Finance Outlook; PennyMac, Mr. Cooper & NYCB/Flagstar
NYCB and the unsold rent-stabilized assets left over from the failure of SBNY are two little surprises waiting for the next POTUS.
706 views
R. Christopher Whalen
Oct 97 min read
Citigroup + (Cenlar - Black Knight) = ?
The Citi decision to exit mortgage servicing perhaps made sense in 2017, but today not so much.
410 views
R. Christopher Whalen
Jul 306 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
R. Christopher Whalen
Jul 278 min read
Update: New York Community Bank & Mr. Cooper
Joe Otting does not seem to understand the value of the Flagstar correspondent lending and mortgage servicing business...
628 views
R. Christopher Whalen
Jul 245 min read
Update: CapitalOne Financial & PennyMac Financial Services
Of note, PFSI has been growing share in wholesale, a direct challenge to UWMC
335 views
R. Christopher Whalen
May 206 min read
Joe Biden Goes Subprime; Should Citi Buy NYCB/Flagstar?
Citi is a subprime lender. They should be directly involved in government lending.
980 views
R. Christopher Whalen
May 86 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 59 min read
Debt Deflation in CRE? PFSI, COOP & RKT
If the run-of-the-mill Republic First interest rate mark is 13.3% of assets that is not just wiping out one bank’s 8% capital but also FDIC
686 views
R. Christopher Whalen
Mar 197 min read
Top-Five Banks: Q1 '24 Earnings Setup
We see higher credit costs, narrowing NIM and still rising funding costs squeezing the banking industry in Q1 2024...
586 views
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.
582 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
Feb 410 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.
2,610 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 6, 20234 min read
ACH: The Bank Deposit Ain't in the Mail
Was the breakdown of the normally stable and, indeed, routine workings of the Clearinghouse the result of bad actors?
1,192 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
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
Apr 30, 20236 min read
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.
1,322 views
Christopher Whalen
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