The most important take away from this week’s loan limit reduction news: Congress warning DeMarco that he’d better defer to them on loan limits. His reply: radio silence. Meanwhile, Wells tosses Freddie overboard, sort of.

A company owned by Lone Star appears to have won the bid on Flagstar MSRs. Meanwhile, MountainView hits the market with a new deal.

Members of the House believe FHFA does not have the legal authority under HERA to reduce GSE loan limits.

It's not looking pretty for gain-on-sale margins this quarter. However, interest rates will remain low.

The auction is being held on the government’s behalf by DebtX. In total, 29,000 nonperforming loans will be offered for sale.

Meanwhile, smaller mortgage lenders that do not have delegated underwriting authority are reporting delays on getting loans closed.

The CMC letter follows one sent last night by 15 housing and mortgage-related trade groups to Acting FHFA Director Edward DeMarco, asking him not to lower the GSE loan limit, while questioning the legality of such a change.

ABA will send FHFA its own letter on GSE loan limits. Meanwhile, CFPB finds two mortgage bankers over RESPA violations.

As usual, the Federal Housing Finance Agency provided as little detail as possible in its new disclosures on the common securitization platform.

PHH is the latest top ten-ranked residential lender to unveil mortgage layoffs. The workers were given 60-days notice.