FHFA chief Mel Watt noted: “In Treasury’s view, it’s a legislative decision” to change the terms of the bailout agreement.

G-fees range from 50 to 55 basis points. Prior to the housing bust, some seller/servicers had g-fee payments as low as 12 basis points.

Ruth Lee, executive vice president of TCS, expects a big year in the scratch-and-dent market, thanks to the GSEs.

Prospect Mortgage is the top contributor with a 9.1 percent share, followed by Ditech Mortgage (8.6 percent) and Skyline Financial (7.1 percent). All three are nonbanks.

Roughly $164.77 billion of securities backed by commercial mortgages were issued last year, down just 0.6 percent from 2013, which was a banner year.

The repo is contingent upon PennyMac – a publicly traded REIT – maintaining minimum tangible net worth of $860 million and minimum unrestricted cash of $40 million.

Any monkeying with the GSE charters must get past two of the most powerful lobbying groups in all of housing finance...

Roughly 73 percent of the mortgages in the deal have interest-only terms.

On loans with LTVs ranging from 90 percent to 95 percent, for example, GSE pricing was better for all borrowers with credit scores over 620. But things are different now.

Issuers of non-agency MBS will likely continue to favor private placements over registering deals with the Securities and Exchange Commission, according to industry participants. While publicly registered deals in the ABS market and commercial MBS market are common, no non-agency MBS issued in 2014 was registered with the SEC. Instead, non-agency MBS issuers offered deals as 144A private placements. An official involved in the non-agency MBS market said...