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Capital Confusion at Ginnie Mae & Mortgage Servicing Rights

R. Christopher Whalen

Jun 266 min read

Capital Confusion at Ginnie Mae & Mortgage Servicing Rights

Ginnie Mae would rather have issuers raise the NPV of the MSR in cash today than take the price risk of holding the whole MSR through time.

639 views

TCBI v Ginnie Mae Goes to Trial | Outlook for Commercial & Residential Mortgage Finance

R. Christopher Whalen

Apr 217 min read

TCBI v Ginnie Mae Goes to Trial | Outlook for Commercial & Residential Mortgage Finance

McCargo's actions and the fact that the case has not been dismissed in its entirety is very unhelpful given current market conditions.

1,183 views

R. Christopher Whalen

Jan 33 min read

Comments on Basel III Endgame

The Basel III proposal reflects a view of financial risks facing US banks that is decades out of date and ignores market risk

750 views

R. Christopher Whalen

Oct 9, 20237 min read

Texas Capital Bank v Ginnie Mae

The legal dispute between Ginnie Mae and Texas Capital Bank makes additional defaults by HECM lenders more likely...

1,039 views

Reverse Mortgage Bankruptcy Festers; IRA Housing Outlook

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

3,193 views

Interest Rates, MSRs, Mortgage Putbacks & FICO Scores

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

Atlas Stumbles, Silvergate Wallows; 360 Mortgage v. Fortress (and RITM)

R. Christopher Whalen

Mar 6, 20238 min read

Atlas Stumbles, Silvergate Wallows; 360 Mortgage v. Fortress (and RITM)

Are nonbank mortgage firms a risk to Ginnie Mae? Or is it really the other way around?

1,807 views

Ginnie Mae - Credit Suisse = ? A Biden MSR Tax? Does BKI + ICE = < 2?

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

1,050 views

Record Losses for Mortgage Banks Presage Tough Year Ahead

R. Christopher Whalen

Nov 19, 20221 min read

Record Losses for Mortgage Banks Presage Tough Year Ahead

Is 2023 the year of the Return of the Distressed Loan Trade?

542 views

Loan Delinquency, EBOs & Ginnie Mae MSRs

R. Christopher Whalen

Nov 15, 20226 min read

Loan Delinquency, EBOs & Ginnie Mae MSRs

It seems obvious that the reported book value metrics coming from many commercial banks, REITs and mortgage banks are a tad inflated...

768 views

R. Christopher Whalen

Sep 27, 20223 min read

Short QE, Long Volatility

Until the FOMC raises interest rates to more “normal” levels, we don’t expect actual volatility to decline.

452 views

R. Christopher Whalen

Sep 22, 20228 min read

The Bear Case for Ginnie Mae Issuers

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

731 views

Interview: Scott Olson of Community Home Lenders of America

R. Christopher Whalen

Aug 24, 20226 min read

Interview: Scott Olson of Community Home Lenders of America

The banks have left the government market. Now Ginnie Mae seems bound and determined to drive the IMBs out of government lending as well

701 views

R. Christopher Whalen

Aug 21, 20227 min read

Interest Rates, FinTechs & MSRs

Interest rates are starting to be very positive, and bank deposit rates are barely moving, so pretense of fintech as bank killer is over

568 views

News: Improving Liquidity for Ginnie Mae Servicing Assets

R. Christopher Whalen

Feb 9, 20222 min read

News: Improving Liquidity for Ginnie Mae Servicing Assets

Collateralized lending in the US was essentially impossible outside of banks from 1925 through the mid-1970s...

301 views

GNMA Issuer Rule Threatens Government Market

R. Christopher Whalen

Jul 19, 20217 min read

GNMA Issuer Rule Threatens Government Market

This rule could cost literally tens of billions in losses to banks and nonbanks alike...

2,047 views