Add default servicing to the list of things JPM's Jamie Dimon doesn't like about the mortgage industry.

In a rambling, 6-page letter sent to the GSE’s board, Fairholme Managing Member Bruce Berkowitz claims Fannie Mae’s equity securities are now valued by the market at $36 billion.

“Revenues at some of these firms are going to take a nosedive over the next year or so,” said Anthony Garritano, founder of the Progress in Lending Association, an industry think-tank.

Ocwen’s subprime receivables were purchased in the secondary market from other firms trying to exit the space.

In an interview with IMFnews, Habib confirmed his resignation, but declined to say anything further about the company’s future.

The preliminary findings are not pretty: 55 percent of lender/servicers lost money in 4Q compared to just 4 percent for the first nine months of 2013.

In an earnings call this week, company founder and Executive Chairman Bill Erbey offered no further insight as to when the sale will be approved.

What does the seller of the MSRs think about what's going on with the DFS? A spokesman for the nation's largest lender and servicer told IMFnews: "Wells Fargo has not been a party to any discussions with the New York Department of Financial Services regarding Ocwen."

For the full year, Freddie posted net earnings of $48.7 billion, but executives at the GSE promised those profits will never, ever be achieved again.

Investment banking firms have made a killing the past three years doing “spin-offs” for Ocwen and its peers. If Lawsky continues on what’s perceived by banking executives as a witch hunt, the spin-offs could end…