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.

Furthermore, the IG notes that GSE servicers failed to consistently conduct oversight procedures to evaluate vendors’ property inspector performance.

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 a new research note from Sterne Agee, 65 percent of Altisource’s reported revenue is tied to Ocwen or Ocwen-related companies. “This is a highly symbiotic relationship," writes Stern Agee analyst Henry Coffey.

Nonbanks owned servicing rights on $1.136 trillion of securitized mortgages at the beginning of 2010, a figure that has swelled to $1.906 trillion as of the end of last year.

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.”

Mark Garland, president of MountainView Servicing Group, said he likes the product, noting that the timing couldn’t be better: “There are a lot of guys out there who are strapped for working capital,” he added.