FHA admits it will need a bailout, well sort of.

If you're looking for another factor in the red hot MSR market, consider this: housing receivables keep shrinking.

Not only is Citigroup selling $61 billion in legacy MSRs, but the megabank is trying to clear out its legacy buyback exposure.

Fannie Mae and Freddie Mac will determine new risk ratios for the mortgage insurance industry, not the Federal Housing Finance Agency.

Here's an odd turn of events: Freddie Mac might bail out Uncle Sam. Meanwhile, the mortgage insurance industry continues to mend.

David Akre of Five Oaks projects that in a few years, issuance of non-agency jumbo MBS could reach $300 billion annually.

Fannie Mae seller/servicers also can dodge the maintenance fee if they have $25 million in Fannie servicing or paid $5,000 in technology fees.

Besides Citi, a handful of large depositories are in the midst of wrapping up sizable MSR auctions this week, including offerings from Wells Fargo and Flagstar Bancorp.

A new audit of the Mutual Mortgage Insurance Fund is due in October and speculation about its cash reserves is not good.

Citadel Servicing CEO Dan Perl said "the phones are ringing like a son-of-a-gun" at his nonprime lending shop.