Fannie and Freddie issued $44.6 billion of single-family MBS in February, a 5.1 percent decline from January and a stunning 62.0 percent drop for the first two months of 2014 when compared to the same period in 2013.

The government’s plan to wind down Fannie Mae and Freddie Mac is wrongheaded and would result in lower housing prices, economic harm and higher unemployment. So says well-regarded bank analyst Richard Bove of Rafferty Capital Markets.

CFPB watchers say the bureau’s broad examination authority and a database of more than 300,000 consumer complaints will provide a fertile pipeline for enforcement actions going forward.

One executive familiar with PHH Mortgage said he anticipates that other senior officers may leave shortly. The firm's departing CAO was with the lender for just over a year.

Little else is known about Commerce. The press statement notes that the lender has a “vision of moving forward with a reviving market by offering products backed by a team of professionals with the upmost integrity and knowledge of the industry.”

According to exclusive figures compiled by Inside Mortgage Finance, almost 85 different lenders made FHA mortgages in 2013 that had FICOs of less than 550.

Under the proposed rule, participating states would require that an AMC register in the state and be subject to its supervision. Only state-certified or licensed appraisers would be allowed to participate in federally related transactions, such as the closing of a home mortgage.

There has been some speculation that DeMarco might want the CSP CEO job, which pays in the range of $400,000. But many sources we talked to doubt it will happen.

When Fed Chair Janet Yellen was subsequently asked to define what the committee meant by the term “considerable time,” she replied that it is “hard to define” but “probably means something on the order of around six months.”

All the world loves the CFPB? Not in the mortgage space, it seems. Financial services consultant Joe Garrett said he has six mortgage clients that have undergone exams by the agency. To say the least, it hasn't been a happy experience.