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The Institutional Risk Analyst
© 2003-2025 | Whalen Global Advisors LLC All Rights Reserved in All Media | ISSN 2692-1812
Banks | Markets | Finance


Update: Mr. Cooper & PennyMac Financial
Both PFSI and COOP are navigating the current market well, but we have questions about where the former is headed.
R. Christopher Whalen
Apr 30, 20236 min read
1,344 views


The Return of Credit Risk
Fact is, Dr. Brainard has primary culpability in the growing economic pain being felt around the country.
R. Christopher Whalen
Feb 23, 20237 min read
2,385 views


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
R. Christopher Whalen
Feb 9, 20237 min read
538 views

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
R. Christopher Whalen
Oct 28, 20227 min read
962 views


Update: Mr. Cooper (COOP)
Despite the outlook for the industry, COOP continues to be one of the better performing names in our mortgage surveillance group.
R. Christopher Whalen
Oct 26, 20224 min read
297 views


No End to Conservatorship for Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac will likely sit in conservatorship indefinitely unless and until Congress acts first.
R. Christopher Whalen
Aug 17, 20226 min read
1,400 views


FOMC vs TGA; PennyMac Financial & United Wholesale Mortgage
Net, net, the dynamics in the market are actually forcing interest rates down
R. Christopher Whalen
May 25, 20229 min read
649 views


Update: Western Alliance Bancorp (WAL) and Silvergate Corp (SI)
There are virtually no conventional lenders in the US today that are profitable when the sell a loan into the secondary market.
R. Christopher Whalen
Apr 22, 20226 min read
396 views

The Residential Mortgage Finance Top Twenty Seven
Who is going to acquire and restructure Blend Labs (BLND) before this newbie-fintech-something runs out of cash?
R. Christopher Whalen
Apr 4, 20222 min read
314 views


Update: PennyMac Financial and loanDepot
February 7, 2022 | Last week saw the start of the reporting season for publicly listed mortgage companies, with loanDepot (LDI) and...
R. Christopher Whalen
Feb 7, 20224 min read
362 views

Update: Rocket Companies, PennyMac Financial Services & Home Point
When issuers like RKT and PFSI are paying up for servicing assets, you know that the secondary loan market is getting tougher by the day.
R. Christopher Whalen
Nov 8, 20216 min read
367 views

Update: New Residential Investment, Fortress & Softbank
The good news is that NRZ is growing and making strides in terms of asset creation and, especially, asset retention.
R. Christopher Whalen
Nov 3, 20217 min read
888 views

Three Questions for Chairman Powell
Look for the FOMC to act early and go big in terms of forward repurchase agreements at the first sign of liquidity stress.
R. Christopher Whalen
Oct 25, 20216 min read
671 views

Update: Ocwen & New Residential
In this issue of The Institutional Risk Analyst , we compare two major players in the residential mortgage servicing space, New...
R. Christopher Whalen
Feb 11, 20218 min read
345 views


Outlook 2021: Financials & Credit Markets
New issue volumes in all of the major securities asset classes other than Treasury debt are trending lower as 2021 begins....
R. Christopher Whalen
Dec 28, 20208 min read
769 views


The Myth of GSE Release
The prospective ejection of the GSEs, Fannie Mae and Freddie Mac, from government control seems finally to be dead for the next four years.
R. Christopher Whalen
Nov 27, 20204 min read
1,522 views


Nonbank Update: PennyMac Financial Services
There is no actual disclosure from PSFI as to exactly how much of the firm’s default advances are being financed with bondholder funds
R. Christopher Whalen
Nov 23, 20207 min read
550 views


The Bear Case for Mortgage Lenders
This week we make the bear case for the housing sector as several more large mortgage issuers announce IPOs....
R. Christopher Whalen
Oct 5, 202011 min read
955 views
Christopher Whalen
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