Add default servicing to the list of things JPM's Jamie Dimon doesn't like about the mortgage industry.

All of the loans in the Credit Suisse MBS are 30-year fixed-rate mortgages, 4.1 percent of which have 10-year interest-only periods.

When survey participants were asked to what extent the QM rule would affect their business, the most frequent responses were 10.1 percent to 20 percent and 90.1 percent to 100 percent, each of which snagged 20 percent shares of the responses.

Adam Levitin, a professor at Georgetown University Law Center, is critical of efforts to align the QRM rule with the QM. “Skin in the game is meant to be a systemic stability regulation, but it has instead been pegged to a consumer protection regulation,” he said.

The Dodd-Frank Wall Street Reform and Consumer Protection Act is proving to be a burden to small banks throughout the country and threatens to cut off a variety of product offerings for many of the borrowers they serve, according to a new study by George Mason University's Mercatus Center. "Our initial analysis suggests that Dodd-Frank is having significant effects on small banks and their customers. A large majority of small banks view Dodd-Frank as more burdensome than the Bank Secrecy Act, a regulatory regime that banks widely regard as very burdensome," said the study, which was prepared by a trio of academics, including senior research fellow Hester Peirce, former senior counsel to Sen. Richard Shelby, R-AL, on the Senate Banking, Housing and Urban Affairs Committee.

Among the components of the CFPB's ability-to-repay/qualified mortgage rule, the 3 percent cap on fees and points was by far of greatest concern, a recent survey by the National Association of Realtors found. According to the NAR, 60 percent of survey respondents indicated that they were "very concerned" about the 3 percent points-and-fees cap. Also on the list of high concerns were the limitations on the annual percentage rate relative to the average prime offer rate for the general QM standard and the FHA's QM standards.

In a rambling, 6-page letter sent to the GSE’s board, Fairholme Managing Member Bruce Berkowitz claims Fannie Mae’s equity securities are now valued by the market at $36 billion.

The preliminary findings are not pretty: 55 percent of lender/servicers lost money in 4Q compared to just 4 percent for the first nine months of 2013.

The year’s top five FHA lenders – Wells Fargo, Quicken Loans, JPMorgan Chase, Freedom Mortgage and Bank of America – combined for 21.9 percent, or $46.0 billion, of total agency production, down 34.6 percent quarter over quarter.

HomeStreet might participate in or sponsor non-agency MBS going forward.