The Institutional Risk Analyst

Banks | Markets | Finance

Feb 156 min read

Interest Rates, Mortgage Lenders & MSRs

While there are a great number of people inside the Fed who ponder the appropriate level of reserves in the system, they don't really know

647 views

Sep 18, 20237 min read

Does PacWest + Banc of California + Warburg Pincus = Value?

The Q2 2023 disclosure for PACW suggests an institution that is bleeding cash and operating in extremis...

648 views

Aug 4, 20236 min read

RITM Goes Multi Asset; TCBI Shrinks Assets, Grows Returns

TCBI needs to keep efficiency in the 50s if they want to survive the coming drought in mortgage lending.

426 views

May 10, 20238 min read

Is USA still a "AAA" Credit? Really? Update: Rithm Capital

When interest rates eventually fall those late vintage mortgage loans with 6% coupons will evaporate like spring snow in the sunshine

1,505 views

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?

1,805 views

Mar 2, 20236 min read

RKT Sinks, UWMC Wobbles, RITM Treads Water & Goldman Doubles Down

GS is a securities dealer first and foremost and has no comparative advantage as a bank.

898 views

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

Oct 26, 20224 min read

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.

297 views