Why doesn’t the MBA, NAHB and National Association of Realtors just come out and say what they really mean, which is this: Leave Fannie and Freddie alone, return them to their shareholders and they’ll never buy another ALT A or subprime mortgage again.

Despite the results, four of the top 10 depositories sold more loans into the secondary market in 2013 than they did the year prior.

“Not only will FHA continue to go after the big banks, but they’re going after the mid-sized banks as well,” said Andrew Henscel, whose firm defends originators.

Mortgage banking is an ugly business right now, but lenders are hoping that the first quarter will prove to be the nadir and that better times are ahead.

Meanwhile, Ocwen’s board recently increased the maximum bonus amount for senior level executives to $3 million per year from $2 million.

Ocwen's stock has been floundering of late, but its payroll is headed north on a rocket.

The only spurt of growth in the MBS market was in the non-agency sector, where new issuance was up 36.5 percent from the fourth quarter.

Mortgage bankers have been complaining loudly about escalating compliance costs since the CFPB opened its doors in 2011. Some smaller nonbanks have cited those rising costs as one reason they might be forced to merge with better capitalized institutions.

One ad on the radio sounds like The 60 Plus Association is doing the Lord’s work for the pension funds of fire fighters and policemen. After all, public pensions owned GSE stock prior to the crash and lost a bundle.

Sales of vacation homes increased 30 percent in 2013 from the previous year with 62 percent of buyers using a mortgage to finance their purchase and the rest paying in cash for their new properties, according to a survey from the National Association of Realtors. The NAR’s 2014 survey of investment and vacation homebuyers revealed that 717,000 vacation homes were purchased last year, the most since 2006. Overall, survey results showed that home sales in the first half of 2013 saw stronger recovery in many local markets. These sales were spurred by low mortgage interest rates and affordable house prices. However, the recovery slowed in the second half of the year in many areas due to low housing inventory. The median sales price of a vacation home last year was $168,000, up 12.5 percent from 2012. It was the second year with a price...