Andrew Papenheim
@papenhe.im
honest to goodness ⫽ goodness, too honest ⫽ 👋 mtl 🇨🇦 ⫽ place à la magie, place aux mystères objectifs
normalize running errands in fur-trimmed capes honestly. because my heat has been out and i'm really lazy.
November 12, 2025 at 4:53 AM
normalize running errands in fur-trimmed capes honestly. because my heat has been out and i'm really lazy.
yes!! it is quite annoying!
I kind of hate that “stop drinking, lose 10 pounds in two months with virtually no effort” worked, but it did.
November 12, 2025 at 3:59 AM
yes!! it is quite annoying!
knafeh: good!
chocolate tablets: good!
knafeh chocolate tablet: bad! confusing!
who is this for, honestly?
chocolate tablets: good!
knafeh chocolate tablet: bad! confusing!
who is this for, honestly?
November 12, 2025 at 2:24 AM
knafeh: good!
chocolate tablets: good!
knafeh chocolate tablet: bad! confusing!
who is this for, honestly?
chocolate tablets: good!
knafeh chocolate tablet: bad! confusing!
who is this for, honestly?
lot of things moving and shaking at FNMA this november.
minimum FICO eliminated from underwriting. shift to a "holistic risk assessment"
construction loans can now use 18mo stale credit docs
risk of undisclosed nonmortgage debt shifted from banks to GSE
singlefamily.fanniemae.com/media/44146/...
minimum FICO eliminated from underwriting. shift to a "holistic risk assessment"
construction loans can now use 18mo stale credit docs
risk of undisclosed nonmortgage debt shifted from banks to GSE
singlefamily.fanniemae.com/media/44146/...
Fannie Mae watchdogs "had received internal complaints alleging senior officials had improperly directed staff to access mortgage documents."
The report eventually wound up in the hands of ... Trump-appointed interim U.S. attorney, Lindsey Halligan.
🎁 Link www.wsj.com/finance/regu...
The report eventually wound up in the hands of ... Trump-appointed interim U.S. attorney, Lindsey Halligan.
🎁 Link www.wsj.com/finance/regu...
Exclusive | Fannie Mae Watchdogs Probed How Pulte Obtained Mortgage Records of Key Democrats
FHFA’s acting inspector general handed the probe report to the U.S. attorney office that had indicted New York Attorney General Letitia James.
www.wsj.com
November 12, 2025 at 12:34 AM
lot of things moving and shaking at FNMA this november.
minimum FICO eliminated from underwriting. shift to a "holistic risk assessment"
construction loans can now use 18mo stale credit docs
risk of undisclosed nonmortgage debt shifted from banks to GSE
singlefamily.fanniemae.com/media/44146/...
minimum FICO eliminated from underwriting. shift to a "holistic risk assessment"
construction loans can now use 18mo stale credit docs
risk of undisclosed nonmortgage debt shifted from banks to GSE
singlefamily.fanniemae.com/media/44146/...
this is interesting! this "searchlight" thing is indeed what my reading instruction consisted of in school. i remember i was frustrated, as i knew how to read. something like "i didn't have to do that to read this, and it makes no sense to do it, but i will say i did it so i can move on already"
how did i go so long not knowing we were literally teaching people to read wrong. i knew something wasn't right but jesus christ www.apmreports.org/episode/2019...
How a flawed idea is teaching millions of kids to be poor readers
For decades, schools have taught children the strategies of struggling readers, using a theory about reading that cognitive scientists have repeatedly debunked. And many teachers and parents don't kno...
www.apmreports.org
November 11, 2025 at 11:50 PM
this is interesting! this "searchlight" thing is indeed what my reading instruction consisted of in school. i remember i was frustrated, as i knew how to read. something like "i didn't have to do that to read this, and it makes no sense to do it, but i will say i did it so i can move on already"
Reposted by Andrew Papenheim
there have not been *no* windows into his life. i recall a photo of several caffeine-free diet cokes and firearms on the saddest bedside table that has been. it was only missing unrefined shlock on hotel stationery.
Found the tweet that Joyce Carol Oates bodied Elon Musk with and it's so beautiful in its eloquent, simple take down. So much so he's crashing out trying to prove he reads books now. Put this in the Louvre.
November 11, 2025 at 2:49 AM
there have not been *no* windows into his life. i recall a photo of several caffeine-free diet cokes and firearms on the saddest bedside table that has been. it was only missing unrefined shlock on hotel stationery.
it is an eleven trillion dollar market that sees 300 billion in action daily, it is going to be complicated and expensive to hedge 50 year paper, what ever do you mean it is "not a big deal"
President Donald Trump downplayed criticism of the potential creation of a 50-year mortgage product, saying it would help more Americans afford monthly payments on homes.
Trump Defends 50-Year Mortgage Plan, Calling it ‘Not a Big Deal’
President Donald Trump downplayed criticism of the potential creation of a 50-year mortgage product, saying it would help more Americans afford monthly payments on homes.
bloom.bg
November 11, 2025 at 2:13 AM
it is an eleven trillion dollar market that sees 300 billion in action daily, it is going to be complicated and expensive to hedge 50 year paper, what ever do you mean it is "not a big deal"
well that's hardly original
it looks like Dimes Square has evolved into even more embarrassing content
November 11, 2025 at 12:55 AM
well that's hardly original
it’s a Flight From Quality
Baskets rn
MS Quality -2.1%
MS Value -2.9%
MS Momentum +3.5%
MS Growth +2.1%
GS Most Short +2.7%
GS Nonprofitable Tech +4.4%
GS High Beta Cyclicals +2.6%
MS Quality -2.1%
MS Value -2.9%
MS Momentum +3.5%
MS Growth +2.1%
GS Most Short +2.7%
GS Nonprofitable Tech +4.4%
GS High Beta Cyclicals +2.6%
November 10, 2025 at 2:45 PM
it’s a Flight From Quality
🥳
CANADA LOSES MEASLES ELIMINATION STATUS AFTER YEARLONG OUTBREAK
November 10, 2025 at 2:22 PM
🥳
would you say that the situation is boiling over
Trump trade war costs US Italian pasta: “Exporters say import and antidumping duties totaling 107% on their pasta brands will make doing business in America too costly and are preparing to pull out of U.S. stores as soon as January.” Via WSJ
Italian Pasta Is Poised to Disappear From American Grocery Shelves — The Wall Street Journal
Trump administration is set to impose duties of 107% on Italian pasta imports, among most punitive of tariffs it has levied
apple.news
November 10, 2025 at 2:06 PM
would you say that the situation is boiling over
Reposted by Andrew Papenheim
It was a junior analyst at Waterfall Asset Management, a lender into the JPMorgan-run warehousing facility, who first questioned Tricolor’s loan data and collateral - ie. not the bank’s own diligence…
Inside Tricolor’s Frantic Collapse
www.bloomberg.com/news/feature...
Inside Tricolor’s Frantic Collapse
www.bloomberg.com/news/feature...
Tricolor's Frantic End Was Sparked by a Phone Call From JPMorgan
Daniel Chu was in Italy, a world away from the sweltering Texas car lots he had built his fortune on, when his phone lit up.
www.bloomberg.com
November 10, 2025 at 12:53 PM
It was a junior analyst at Waterfall Asset Management, a lender into the JPMorgan-run warehousing facility, who first questioned Tricolor’s loan data and collateral - ie. not the bank’s own diligence…
Inside Tricolor’s Frantic Collapse
www.bloomberg.com/news/feature...
Inside Tricolor’s Frantic Collapse
www.bloomberg.com/news/feature...
Not sure ending to-the-home delivery makes cities more walkable. The minority of neighbourhoods in Canada that are still serviced by home delivery *are* the walkable neighbourhoods.
November 10, 2025 at 12:32 PM
Not sure ending to-the-home delivery makes cities more walkable. The minority of neighbourhoods in Canada that are still serviced by home delivery *are* the walkable neighbourhoods.
? people are still in ottawa? the summer capital?
LOL. Atletico Ottawa almost got a goal early on in the Canadian Premier League final
November 9, 2025 at 10:49 PM
? people are still in ottawa? the summer capital?
it is entirely possible i was shown a script for an ad from Large Canadian Chartered Bank (serious one) that is to be shown during The Big Game (gridiron football) advertising their new commission-free app brokerage's suitability for buying thematic ETFs, "AI", and crypto-currency… at the top tick
November 9, 2025 at 10:12 PM
it is entirely possible i was shown a script for an ad from Large Canadian Chartered Bank (serious one) that is to be shown during The Big Game (gridiron football) advertising their new commission-free app brokerage's suitability for buying thematic ETFs, "AI", and crypto-currency… at the top tick
who the hell told him about OFAC. why are you “helping”
November 9, 2025 at 7:20 PM
who the hell told him about OFAC. why are you “helping”
see i thought this joke was very funny but it turns out that visa does not offer both Infinite and Infinite-er products in the states
look i do not particularly enjoy revelling in the misfortune of others but it goes without saying: please do get the meltdown on tape when someone's Infinite Privilege is checked
Visa and Mastercard are nearing a settlement with merchants that would let stores reject certain credit cards.
November 9, 2025 at 5:21 AM
see i thought this joke was very funny but it turns out that visa does not offer both Infinite and Infinite-er products in the states
look i do not particularly enjoy revelling in the misfortune of others but it goes without saying: please do get the meltdown on tape when someone's Infinite Privilege is checked
Visa and Mastercard are nearing a settlement with merchants that would let stores reject certain credit cards.
Exclusive | Visa and Mastercard Near Deal With Merchants That Would Change Rewards Landscape
The deal under discussion would lower credit-card interchange fees for merchants, but could make it harder for consumers to use rewards cards at the register.
on.wsj.com
November 9, 2025 at 2:54 AM
look i do not particularly enjoy revelling in the misfortune of others but it goes without saying: please do get the meltdown on tape when someone's Infinite Privilege is checked
oh most of it eh
November 9, 2025 at 12:58 AM
oh most of it eh
jared golden? the radical who supports a régime of broad and variable import taxes as a logical consequence of his drug problem?
I mean, yes, misguided progressive criticism of Golden has driven him from office and now Republicans are going to win the seat. According to me, that’s bad.
November 9, 2025 at 12:25 AM
jared golden? the radical who supports a régime of broad and variable import taxes as a logical consequence of his drug problem?
Reposted by Andrew Papenheim
30-year amortization schedules should be exclusive to F-150 loans.
November 8, 2025 at 10:29 PM
30-year amortization schedules should be exclusive to F-150 loans.
The curve on agency paper in 50Y tenors would be… oh, let's say… roughly 1.5 to 2 times negatively convex in magnitude that of 30Y MBS. Traditional hedge would be to hold something positive convex, adjust dynamically as duration rises and falls with yields (rather than opposite yields like UST)
November 8, 2025 at 10:18 PM
The curve on agency paper in 50Y tenors would be… oh, let's say… roughly 1.5 to 2 times negatively convex in magnitude that of 30Y MBS. Traditional hedge would be to hold something positive convex, adjust dynamically as duration rises and falls with yields (rather than opposite yields like UST)
Reposted by Andrew Papenheim
The appropriate market-based risk premium on a 50 year mortgage with an embedded option to lock-in the lowest yield of its life would be absurdly high. To make it affordable, the state subsidy would have to be enormous. These things would be near permanent profit drags.
Trump and his cronies are now pushing 50-year mortgages.
Buckle up. This is going to make the 2008 mortgage crisis look like the good old days.
Buckle up. This is going to make the 2008 mortgage crisis look like the good old days.
November 8, 2025 at 8:29 PM
The appropriate market-based risk premium on a 50 year mortgage with an embedded option to lock-in the lowest yield of its life would be absurdly high. To make it affordable, the state subsidy would have to be enormous. These things would be near permanent profit drags.
knock me over with a feather molten into a dirt cheap HPHT diamond, the diamond mine bailout didn’t work in the NWT
Canada's provincial economic accounts came out this week—in 2024, all provinces & Nunavut grew!
Fastest: Nunavut (6.9%), PEI (3.8%), Nova Scotia (3.1%), Alberta (3%), Saskatchewan (3%)
Slowest: Yukon (-2.5%), NW Territories (-0.8%), British Columbia (1.1%), Ontario (1.6%), Manitoba (1.7%)
Fastest: Nunavut (6.9%), PEI (3.8%), Nova Scotia (3.1%), Alberta (3%), Saskatchewan (3%)
Slowest: Yukon (-2.5%), NW Territories (-0.8%), British Columbia (1.1%), Ontario (1.6%), Manitoba (1.7%)
November 8, 2025 at 5:19 PM
knock me over with a feather molten into a dirt cheap HPHT diamond, the diamond mine bailout didn’t work in the NWT