# #382 Chris Whalen: Private Credit's "Slow Motion Train Wreck" & The Warning Signs for a 2028 Housing Reset

Page: https://stenobird.com/podcast/the-julia-la-roche-show-5842803/382-chris-whalen-private-credit-s-slow-motion-train-wreck-the-warning-signs-for-a-2028-housing-reset
Text version: https://stenobird.com/podcast/the-julia-la-roche-show-5842803/382-chris-whalen-private-credit-s-slow-motion-train-wreck-the-warning-signs-for-a-2028-housing-reset.md
Podcast: [The Julia La Roche Show](https://stenobird.com/podcast/the-julia-la-roche-show-5842803)
Published: 2026-06-27T13:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/julia-la-roche/episodes/382-Chris-Whalen-Private-Credits-Slow-Motion-Train-Wreck--The-Warning-Signs-for-a-2028-Housing-Reset-e3latea
Audio file: https://traffic.megaphone.fm/APO9043127650.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-julia-la-roche-show-5842803/episodes/382-chris-whalen-private-credit-s-slow-motion-train-wreck-the-warning-signs-for-a-2028-housing-reset
Duration seconds: 2053

## Resource

Chris Whalen joins Julia La Roche on this week's episode of "The Wrap with Chris Whalen" to break down what he calls a "slow motion train wreck" in private credit, where public and private funds alike are getting hammered with redemption requests just as the firms behind them sit on impaired assets like DSCR business-purpose loans. Whalen argues we're living through a replay of 2005 — high tide before the crack — and predicts a housing reset by 2027-2028 ("misery on the eights"), with home prices falling 10-20% and recent borrowers landing underwater. Along the way he covers double-digit inflation driven by energy supply shocks from the Strait of Hormuz, why Chair Warsh can't slow-walk rate hikes, the volatility added by agentic AI trading and ETFs, his long-term bull case for gold and silver, the unwinding of Wall Street's crypto trade, the futility of Mamdani's NYC rent freeze, and viewer questions on inflation measurement and Annaly's common vs. preferred shares. Links: The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ The Wrap: https://www.theinstitutionalriskanalyst.com/post/theira861 Fred Ramberg interview: https://www.theinstitutionalriskanalyst.com/post/theira860 Signed copy of Seeing Around Corners: https://www.theinstitutionalriskanalyst.com/shop Twitter/X: https://twitter.com/rcwhalen Use the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricing Timestamps: 00:00 — Intro 01:09 — Private credit: the "slow motion train wreck" and redemptions 02:24 — Rates higher-for-longer, double-digit inflation & the Strait of Hormuz 04:02 — The hidden cost of war and inflation as a tax 05:33 — Private credit shops buying i…

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