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Christopher Whalen  

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  • Oil And Gas Bloodbath Spreads To Junk Bonds, Leveraged Loans; Defaults Next [View article]
    Yup. Repeat of late 1970s bust in the oil patch.

    "Participation in Leveraged Loans: It’s Not Just About Credit Risk"

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    Dec 7, 2014. 11:55 AM | Likes Like |Link to Comment
  • The 5-Year Real Estate Short [View article]
    Nonsense. HPA is in the midst of a reversal. Read my comment [U.S. Home Price Appreciation Continues to Slow]

    Double digit HPA 2011-2013 had nothing to do with QE. The Fed's QE has had little impact on the new loan market. Mostly a free gift for leveraged assets. HPA was driven by structural factors, end of REO trade most important.
    Oct 2, 2014. 07:01 AM | 2 Likes Like |Link to Comment
  • Walter Investment Management: Catching A Falling Knife [View article]
    IMHO, concerns about USG putting $WAC, $OCN, etc "out of business" are overblown. Glad to see you are trying to understand details of mortgage business.
    Sep 15, 2014. 07:57 AM | Likes Like |Link to Comment
  • Buying Opportunity In Walter Investment Management: Sooner Or Later The Limbo Will Stop [View article]
    Lot of noise in all of these names for now. The regulators are looking for a payday. Will be some very negative events coming from Washington before the sun breaks through the clouds on this group. That said, non-banks are the only way to finance and service residential real estate assets in the future.
    Feb 19, 2014. 01:55 PM | 1 Like Like |Link to Comment
  • Ocwen Financial: A Little Known Company With Great Upside [View article]
    Q: How can we talk about upside for OCN when the sr management team is too dumb to read the industry press? It is pretty clear that all of the big three servicers are on secret double probation, yet these fine men and women tried to jam through the WFC MSR deal? Hello? I work in the industry and have a bias, but really, is this not the biggest example of management stupidity of 2013-2014?? Compliance is the only issue in mortgage servicing today, period. CFPB, OCC, FHFA and all of the state regulators are in the game when it comes to loan transfers. Yet the folks at OCN don't seem to have gotten the memo. Please.
    Feb 8, 2014. 04:44 PM | Likes Like |Link to Comment
  • Annaly Capital Management: Shocking Price Action [View article]
    Hey, why is this shocking? Business model does not work in a post QE environment. Even as NLY raises cash, the shorts raise the ante because they know the whole game is funded off REPO. NLY will eventually have to liquidate IMHO.
    Dec 9, 2013. 07:45 PM | 1 Like Like |Link to Comment
  • Annaly Capital Management: Bears Don't Get It [View article]
    No, we Bears get it just fine. Always remember that the "Teddy Bear" named after President Theodore Roosevelt was a grizzly.

    Jun 10, 2013. 04:48 PM | 2 Likes Like |Link to Comment
  • Colony Financial Reopens 8.50% Preferreds [View article]
    A REIT is an exit strategy for an institutional manager with institutional fees.
    May 9, 2013. 09:49 AM | Likes Like |Link to Comment
  • Why Altisource Portfolio Solutions Is Our Favorite Long [View article]
    Ah what short memories we have. Or maybe no memory at all.
    May 9, 2013. 09:00 AM | 1 Like Like |Link to Comment
  • Hudson City Bancorp: Bum or Bum Rap? [View article]
    This "news" regarding HCBK is two years old. Anybody familiar with OTS knows this issue of rate risk goes back to 2009.
    Mar 3, 2011. 08:59 AM | 6 Likes Like |Link to Comment
  • Analysts Remain Positive on Goldman Sachs Despite Reservations [View article]
    I have a "neutral" on GS operating results. Bank units is "A+" as of Q3 2010 on the IRA Bank Monitor.

    Feb 3, 2011. 08:47 AM | Likes Like |Link to Comment
  • Book Review: Inflated [View article]
    Thanks for the kind words David!

    Jan 17, 2011. 12:12 PM | 4 Likes Like |Link to Comment
  • Magical Thinking at the G20 Is Destined to Fail [View article]
    Good comment. There is not really any choice. We are going to deflate assets further and inflate currency. Read comment on the game being played with the IMF's New Authority to Borrow (NAD) and the hand of Rob Rubin.
    Jun 30, 2010. 10:49 AM | Likes Like |Link to Comment
  • More Keynesian Clowns Come Out of Woodwork; No Policy Is Ever Bad Enough to Abandon [View article]
    Yes I worked at the Fed. My bio has been on the web for decades. Duh. No, I have never advocated inflation. The comment transcribed by the interviewer referred clumsily to what I see as the default option for Americans. Inflation is our shared national preference. Anyone who has ever bothered to read my work would know my view on money and debt. And thus my book. I don't think my critique of Mish's post is unfair in that regard. Be well. ;)

    PS: For those of you not inclined to read. here is the audio file of a recent rant by yours truly for the Ludwig von Mises Society in NYC. Lot's of Keynesians in the crowd.
    Jun 30, 2010. 08:10 AM | Likes Like |Link to Comment
  • More Keynesian Clowns Come Out of Woodwork; No Policy Is Ever Bad Enough to Abandon [View article]
    Mish you are full of baloney. You don't understand me or my thinking on economics. I am very disappointed in your comments about me. To say I am a Keynesian is silly, but just shows that you did not do your homework. Hope your read the book: How Money and Debt Built the American Dream"
    Jun 30, 2010. 07:41 AM | Likes Like |Link to Comment