Christopher Whalen
ChairmanChristopher Whalen is chairman of Whalen Global Advisors LLC and publishes the Institutional Risk Analyst blog.
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FHFA, HUD and Ginnie Mae should let the rate of prepayments on MBS dictate bond prices and market rates.July 1 -
Not only is FHFA Director Mark Calabria preparing the GSEs to raise capital, but he must also help them decide just what they are selling to private investors in the way of equity returns and risk.May 20
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The history of riskier lending over the last half century can offer lessons for today's market.May 7
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FHFA Director Mark Calabria stated that he was directing the GSEs to "add liquidity" to the markets, but the actions of the FHFA say precisely the opposite.April 24
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FHFA head Mark Calabria and his FSOC counterparts need to sit down with the Treasury and fashion an emergency capital plan for the GSEs.April 13
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Simply stated, the federal forbearance of mortgage payments is perhaps the largest unfunded public mandate in American history.April 1
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A number of proposals have been floated for debt payment holidays and other types of moratoria, but such approaches offer solutions that are worse than the problems.March 19
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With the return of volume and profitability to mortgage lending, it is no surprise that commercial banks are coming back to the market.March 11
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To paint nonbanks as a source of systemic risk, particularly given the track record of commercial banks in causing the 2008 subprime mortgage fiasco, seems absurd.February 7
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The fact that the more operationally skilled nonbanks have come to specialize in government mortgages is hardly surprising if you assess the cost to originate and service these loans.January 13
