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Liquidity Preference: SVB Financial Group, WaMu & Reemerging GSEs

R. Christopher Whalen

Dec 127 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

426 views

R. Christopher Whalen

Dec 1015 min read

Kamikaze GSE Release? Oh Yeah...

Yes, that's right, we are going to downgrade $8 trillion in GSE MBS and hundreds of billions in corporate debt.

2,639 views

R. Christopher Whalen

Dec 54 min read

Update: Blend Labs Inc.

BLND is generating operating leverage via cost reductions, another way of saying that management is slowly winding up the business.

335 views

Update: Block Inc, Nu Holdings & Guild Holdings

R. Christopher Whalen

Nov 157 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

409 views

Is Trump Bullish for Interest Rates? Pump & Dump for GSE and Fintech Stocks

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.

800 views

Housing Finance Outlook; PennyMac, Mr. Cooper & NYCB/Flagstar

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.

719 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.

415 views

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

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

Update: New York Community Bank & Mr. Cooper

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

Update: CapitalOne Financial & PennyMac Financial Services

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

340 views

Joe Biden Goes Subprime; Should Citi Buy NYCB/Flagstar?

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.

982 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

Update: UWMC & Rocket; Rate Cut Dreams Fade

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.

585 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

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

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.

2,611 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?

1,193 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