The Institutional Risk Analyst

Yes, that's right, we are going to downgrade $8 trillion in GSE MBS and hundreds of billions in corporate debt.

How will the sudden shift in Fed policy impact financials? Are we headed for a recession?

Why should a private Fannie Mae be a 20% risk weight under Basel III, but PFSI or Mr. Cooper (COOP) are 100%?

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

The market tantrum which began on Friday was largely over by the market close on the following Tuesday.

Of note, PFSI has been growing share in wholesale, a direct challenge to UWMC

We think Whitney’s comments about a surge in new lending from Freddie Mac buying home equity loans are poorly considered

The survivors in mortgage finance optimize operations around purchasing loans from brokers/ correspondents, and direct to consumer (DTC)

BK and Vanguard are above the 4.9% legal limit on ownership of voting shares of a bank. This fact gives the FDIC et al the power...

Industry leaders believe that the FHFA wants the GSEs to offer issuers "repurchase insurance" to the tune of 25bps per loan.

If we are marking balance sheet assets to actual market in the age of deflation, what of the heavily modeled world of servicing assets?

The “winners” in the mortgage sector will be those larger players with equally large servicing books that can access bank funding

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

In this issue of The Institutional Risk Analyst, we speak to Mike Patterson, COO of Freedom Mortgage.

Many in the Buy Side chorus are looking forward to lower interest rates, but we are concerned that next year could really be about solvency

Is 2023 the year of the Return of the Distressed Loan Trade?

The big news this week starts with the poor showing by Rocket Companies (RKT), reporting a loss for Q3 2022 and a big decline in volumes.

We agree with the assessment by Leon Cooperman of COOP management that this firm is one of the best positioned IMBs in the industry...

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

As a result of the adoption of "artificial intelligence," the 21st Century investor is mostly a victim in waiting.