Reverse Engineering Finance

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December FHA Delinquency Report
Will the huge rise in Nov delinquency continue? Will the GSE 200b of MBS buys help?
Jan 10 • John Comiskey
Treasury Model 2026 Update and early peek at Winter QRA
Can a substacker beat Treasury for 3 straight quarters?
Jan 5 • John Comiskey
November FHA Underwater report: 9,000 more
Up despite stronger home value indexes
Dec 21, 2025 • John Comiskey
November FHA MBS Delinquency Report
Boom! The report we've all been waiting for.
Dec 9, 2025 • John Comiskey
TTM Early December Update
TGA rollercoaster ride next couple of weeks
Dec 9, 2025 • John Comiskey
Two thousand more FHA loans slip underwater in October
Sharply down from the eleven thousand last month
Nov 24, 2025 • John Comiskey
TTM Mid November Update
Is there a liquidity event brewing in December?
Nov 17, 2025 • John Comiskey
October FHA MBS delinquency report
What does the first data post loss mit tightening show?
Nov 11, 2025 • John Comiskey
Reverse Engineering Finance
A newsletter than explains the underlying mechanics of the financial system and then uses those mechanics to make projections
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