Mortgage topics don’t always make the President’s State of the Union speech, but President Obama Tuesday night may touch on the issue of credit availability and whether the government has “gone too far.”

If Flagstar changes hands, what might become of its loan broker business, the second largest in the nation?

Meanwhile, MountainView Servicing Group is also in the market with a new MSR offering: $224 million of receivables backed by Fannie Mae and Freddie Mac product.

The cost of mortgage compliance was a topic making the rounds at the recent ABS Vegas show in Nevada. Attendees, of course, wanted to know who might pay for all the new added costs.

Most of what Fannie and Freddie earn in the fourth quarter will go directly into the coffers of the U.S. Treasury Department.

Who at the GSEs (or at the Federal Housing Finance Agency) was responsible for telling Fannie and Freddie to set aside so much money for loan losses and were those assumptions way off base?

Speculators in Fannie Mae/Freddie Mac junior preferred shares will benefit if they can prove loan loss reserves at the two were over-stated.

Flagstar, which ranks eighth among all originators according to Inside Mortgage Finance, funded $6.4 billion of home mortgages in 4Q, a 17 percent decline from the prior period.

Comments made Wednesday by the Treasury Department’s point man on GSE reform, Michael Stegman, did not go unnoticed by employees of Fannie Mae and Freddie Mac.

Industry advisors expect Wells Fargo to sell additional packages of mortgage servicing rights in the months ahead.