The Institutional Risk Analyst

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

Baring some emergency, the Fed seems on track to keep interest rates at current levels indefintely.

Was the breakdown of the normally stable and, indeed, routine workings of the Clearinghouse the result of bad actors?

If we are marking balance sheet assets to actual market in the age of deflation, what of the heavily modeled world of servicing assets?

Regulatory skepticism about mortgage assets could effect financing rates for lenders, which means higher mortgage rates for consumers.

The last Treasury Secretary that tried to extend the maturities of US government debt was Jack Lew (2013-2017). Yellen missed an opportunity

Both PFSI and COOP are navigating the current market well, but we have questions about where the former is headed.

Most major banks grew larger during quantitative easing. Now many of these banks will shrink in terms of assets and also earnings in Q1 2023

Like COOP, volumes are down dramatically from 2021 but MSR values and cash flows from servicing are rising

Despite the outlook for the industry, COOP continues to be one of the better performing names in our mortgage surveillance group.

The nightmare scenario in the government loan market is that FHA loan delinquency rises to the point where issuers become insolvent

The entire mortgage industry will have a single point of failure with the ICE/BKI combination

Since Block has not yet changed its ticker symbol, perhaps Mr. Dorsey will eventually change the company's name back to Square...

We agree with the assessment by Leon Cooperman of COOP management that this firm is one of the best positioned IMBs in the industry...

Most of the banks in our surveillance group are down between 10% and 30% so far this year, but none of these are particularly cheap as yet

ICE buying the revenue streams represented by BKI is a big bet on yesterday, not a bold initiative to change the mortgage industry

Even as Powell signals willingness to take interest rate targets higher, he has put off a decision on the Fed's balance sheet until June.

The good news is that NRZ is growing and making strides in terms of asset creation and, especially, asset retention.

Risk to investors in the market for residential mortgages is rising and from multiple sources

The big surge in income and net worth caused by the FOMC last year is rapidly ending. Winter has returned to mortgage land...