Reletter
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Reverse Engineering Finance

John Comiskey
Hundreds of paid subscribers

A newsletter than explains the underlying mechanics of the financial system and then uses those mechanics to make projections

Platform
Substack
PricingFreemiumPublishesWeekly
Issues145Founded4 years agoLast Issue9 days ago
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johncomiskey.substack.com
Artwork for Reverse Engineering Finance

Latest Issues

Fall 26 QRA Projection and Treasury Model Update

Treasury issued a 25b cash management bill on Monday.

Treasury issued a 25b cash management bill on Monday. Why do that when the TGA balance was near 1 Trillion? Because of the TGA risk policy minimum level. Treasury was going to be below...

9 days ago
8
Paid

Updated FY27 Treasury Model

Did the TTM outperform Treasury Jul-Sep?

Prior to the Apr-Jun qtr, the Total Treasury Model (TTM) had a streak of 4 straight qtrs outperforming Treasury’s internal models used to generate the Financing Need projection in the QRA for the fr...

a month ago
8
1
Paid

September 26 FHA Delinquency Report

Understanding the FHA delinquency trend has required some adjustment over the past two months due to the 1st business day of the month falling on the 3rd in August (one expects “better” DLQ performance especially in the 1 and 2 month late b...

a month ago
10
1
Paid

August 26 FHA Delinquency Report

Are the completed post tightening mods and partial claims improving portfolio performance?

I led off last month with an explanation of why the number of loans 1 month and 2 months late in the GNMA data can seemingly buck the seasonal trend...

2 months ago
6
Paid

August Treasury Model Update

The buybacks are coming?

Last weeks exciting news was Treasury announcing that they would double the amount of buybacks for the 10-20y and 20-30y maturity buckets from as much as 2b per operation to as much as 4b per operation. Note I use...

2 months ago
15
1
Paid

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