The Department of Justice declared: “A separation of powers problem with an agency does not compel invalidation of the agency’s actions if those actions are subsequently approved in compliance with separation of powers requirements.”

The Fannie Mae/Freddie Mac loans backing the MSRs are top-heavy in Texas collateral at 46.8% of the total.

Based on third quarter figures compiled by Inside Mortgage Finance, FHA lending accounts for 10.17% of the overall first-lien origination market.

KBW on Ocwen: “While the company is setting up MSR [mortgage servicing rights] financing facilities, management noted returns on available MSR trended down, though the company did lower its targeted ROE [return on equity] on agency MSR to 8.5% from 9.5%."

“In the first quarter everybody was hating life,” said Michael Lau, CEO of Pingora Asset Management. “Now everybody is loving life. They have fat margins and origination pipelines are robust.”

SitusAMC is working on several potential MSR transactions as well...

Currently, depository institutions account for only 14% of direct FHA lending compared with 45% in 2010.

The U.S. Treasury Department – the owner of Fannie/Freddie senior preferred – is the entity that owns the keys to the ownership kingdom…

The portfolio offered by Incenter has 1.2 months of seasoning…

Consultant Brian Chappelle credits FHA for taking action earlier in the year to stop risk layering on borrowers with lower credit scores.