Small Banks Have Big CRE Risk? Really? | Bank of America Update
The net losses disclosed by BAC and the other large banks at the end of Q4 2023 are significantly understated...
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The Institutional Risk Analyst
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Banks | Markets | Finance
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
Aug 14, 202310 min read
Reverse Mortgage Bankruptcy Festers; IRA Housing Outlook
The Biden Administration has no real strategy for addressing the growing stress in the market for government insured mortgages
3,188 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
Feb 13, 20238 min read
Ginnie Mae - Credit Suisse = ? A Biden MSR Tax? Does BKI + ICE = < 2?
Our view is that the BKI purchase is a horrible deal for ICE shareholders, a value killer of epic proportions
1,045 views
R. Christopher Whalen
Feb 3, 20239 min read
Two Inflation Narratives; Credit Suisse & Ginnie Mae MSRs
The big take away from Q4 2022 earnings is that credit expenses are headed higher and at a brisk pace
842 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
Dec 2, 20226 min read
RMF Bankruptcy Signals Systemic Risk in GNMA Market
Bankruptcy of Reverse Mortgage Funding may be first step in a systemic crisis affecting the government loan market
1,097 views
R. Christopher Whalen
Oct 28, 20227 min read
Update: Credit Suisse (CS) & PennyMac Financial (PFSI)
Like COOP, volumes are down dramatically from 2021 but MSR values and cash flows from servicing are rising
957 views
R. Christopher Whalen
Apr 22, 20216 min read
Citigroup: Breaking Up is Hard to Do
Citi has drifted through years of government ownership and weak leadership by the board of directors
335 views
Christopher Whalen
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