Citigroup + (Cenlar - Black Knight) = ?
The Citi decision to exit mortgage servicing perhaps made sense in 2017, but today not so much.
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The Institutional Risk Analyst
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Banks | Markets | Finance
R. Christopher Whalen
Sep 212 min read
Recession? Consumer Lenders: AX, AXP, ALLY, Barclays, COF, SOFI, SYF
Axos continues to rebound after the bear raid by Hindenburg Research. AX ranked 18th in the WGA Bank Top Index in Q3 2024 vs 98th for SOFI
718 views
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.
628 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
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.
1,181 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
Oct 24, 20235 min read
QE Means Higher for Longer, But No Recession
We look for modest rate cuts in 2025, followed by an equally modest boom in mortgage lending
1,027 views
R. Christopher Whalen
Feb 9, 20237 min read
Mortgage Wrap; PennyMac Financial, Rithm Capital & MSRs
We suspect that the IMBs will be sellers of conventional assets to defend their Ginnie Mae MSRs. Banks may be buyers of conventional assets
535 views
R. Christopher Whalen
Jan 13, 20236 min read
Update: JPMorganChase & Wells Fargo
But nothing lasts forever in mortgage land or in financials. Stay tuned and pay attention to LT rates and spreads...
498 views
R. Christopher Whalen
Sep 11, 20228 min read
Interview: David Stevens on GNMA Capital Rule & ICE + BKI
The entire mortgage industry will have a single point of failure with the ICE/BKI combination
1,837 views
R. Christopher Whalen
Apr 6, 20224 min read
The Next Trade: Banks, Nonbanks and Mortgage Servicing Rights
Many of the startups, investment flows and SPAC transactions that proliferated in 2020-2021 are likely to be casualties in the next several
660 views
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
R. Christopher Whalen
Jan 6, 20225 min read
Interest Rates, Stocks & MSRs
We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.
541 views
R. Christopher Whalen
Dec 16, 20216 min read
The End of Money Market Funds
The SEC has finally decided to do the unthinkable, namely repudiate the admittedly fanciful idea of liquidity on demand at par.
974 views
R. Christopher Whalen
May 25, 20215 min read
Update: Rising Interest Rates & Mortgage Servicing
The Fed’s chief concern is keeping the Treasury debt market open and functional. Liquidity includes cash and risk-free collateral...
694 views
Christopher Whalen
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