Although some industry groups said it is too soon to get into another massive overhaul, others pointed to the forest of overlapping and confusing documents as a good place to start.

Although some regulators have anxiety problems with nonbank servicers, Fannie Mae apparently does not. Meanwhile, a large mortgage vendor M&A deal could be revealed late Friday.

Fannie Mae reported net earnings of $6.5 billion in the fourth quarter late this week, revealing that the company’s total dividend payments to the U.S. Treasury will exceed the $116.1 billion that the GSE has drawn since being put into conservatorship in late 2008. The company will pay the Treasury $7.2 billion in dividends in March. With the March dividend payment, Fannie will have paid a total of $121.1 billion in dividends to the Treasury – the equivalent amount of its entire draw plus an additional $5.0 billion.

A recently unearthed Treasury Department “action memorandum” from 2010 makes clear the White House’s commitment to ensuring that common shareholders in Fannie Mae and Freddie Mac should never have access “to any positive earnings from the GSEs in the future.” The memo, approved by then-Secretary Timothy Geithner, asks that Treasury waive the GSEs’ periodic commitment fee for 2011.

Some five and a half years after it filed for Chapter 11 bankruptcy protection, the remains of Lehman Brothers settled the legal claim by Freddie Mac stemming from $1.2 billion in loans made by the GSE to the investment bank just before the financial collapse. Judge Shelley Chapman of U.S. Bankruptcy Court in Manhattan approved this week the settlement that would see Lehman Brothers Holdings Inc. pays $767 million to the GSE to close out Freddie’s bid to collect on the unpaid loan.

The call for housing-finance reform and a legislative solution to Fannie Mae and Freddie Mac continues to grow among policymakers, but as the clock runs down some industry observers say it is already too late for effective action this year. Senate Banking Housing and Urban Affairs Committee Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID, reportedly remain close to unveiling a housing finance reform bill.

The Federal Housing Finance Agency’s Inspector General wants Fannie Mae and Freddie Mac to penalize lenders for delays in repurchasing loans via an aggressive application of buyback late fees. The FHFA issued a “contract harmonization directive” in January 2012 calling for the two GSEs to develop “consistent timelines and collection standards for fees and penalties and additional types of penalties and remedies.”

Despite continued calls by supporters, the Obama administration remains uninterested in expanding the Home Affordable Refinance Program administratively while existing HARP 3.0 legislation remains hopelessly stalled. Last week during a public appearance, Department of Housing and Urban Development Secretary Shaun Donovan made it clear that HUD will not push for an expansion of HARP.

Mortgage servicing helped lenders increase their mortgage-banking income during the fourth quarter of 2013, according to an Inside Mortgage Trends analysis of earnings reports from 10 major lenders, including the top three in the industry. The 10 companies reported a combined $2.193 billion in servicing-related income during the fourth quarter, up 19.8 percent from the previous period. That was considerably more than the $1.324 billion the lenders reported on production-related income ...

Countrywide Financial, now owned by Bank of America, is asking a federal judge to sanction the Federal Housing Finance Agency and to appoint a special master to investigate what CFC says is the FHFA’s “noncompliance” in producing Fannie Mae and Freddie Mac documents in the company’s defense against the GSEs’ $26.6 billion MBS lawsuit. According to a motion filed earlier this month in the U.S. District Court, Central District Court of California, CFC says the FHFA is defying the court’s October order to produce – either in a timely manner or not at all – documents from Fannie’s and Freddie’s single-family businesses.