The Institutional Risk Analyst

NRZ must pay $400 million to Fortress to end the relationship with the external manager, a final act of squeezing NRZ shareholders

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

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.

UPST has seen its valuation cut by 60% since March of last year, when its common equity traded at a mere 31x book value.

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

Growing numbers of investors are burned by mortgage stocks. Big question: Will the industry snap back due to now falling interest rates?

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

The Fed’s chief concern is keeping the Treasury debt market open and functional. Liquidity includes cash and risk-free collateral...

Simply stated, US banks are twice as expensive as they were a year ago looking at earnings and assets....

In this issue of The Institutional Risk Analyst , we compare two major players in the residential mortgage servicing space, New...

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

Most of midtown Manhattan’s offices and other structures are unused. Commuter volumes are 10% of pre-COVID levels.