The Institutional Risk Analyst

Banks | Markets | Finance

Jun 26, 20238 min read

Update: Mortgage Lenders, TBA Contango & MSRs

We look for lower prices for legacy MBS and MSRs as new allocations are used up and P&Ls sink deeper into the red...

1,104 views

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

Jun 9, 20228 min read

Interest Rates and Residential Mortgage REITs

We see an at least equal chance that margins will get squeezed for agency and MSR investors before they expand via higher interest rates

616 views

Apr 28, 20225 min read

Flagstar Bancorp & Annaly Capital: All About Visibility

No amount of computer power can really, really enable you to predict when Fred and Wilma are going to sell or refinance their home.

322 views

Feb 1, 20219 min read

Interview: Chris Abate, CEO of Redwood Trust

magine if the Fed started margin calling the big banks in response to the April market selloff rather than supporting the system!

1,145 views