One warehouse executive, requesting anonymity, said usage rates for the fourth quarter and the first two months of 2014 “have been very low.” He gave a range of 20 percent to 50 percent.

“Cheap is the goal now,” said Chuck Klein, a managing partner at Mortgage Banking Solutions, Austin, TX. “I’m seeing many mortgage-banking firms that want to buy, and they’re looking at either smaller firms or branches.”

Even though the Johnson-Crapo bill has no future outside of the Senate, one thing is certain regarding Fannie and Freddie: the two will continue to earn a ton of money going forward.

According to exclusive figures compiled by Inside Mortgage Finance, once Fifth Third departs, there will be just two depositories in the top 10: Flagstar and U.S. Bank.

Mortgage repurchases peaked in 2009 at $34.276 billion, fell to $31.811 billion in 2010 and $20.943 billion in 2011, and then dropped to just $12.966 billion in 2012.

According to exclusive survey figures compiled by Inside Mortgage Finance, loan brokers accounted for 9.8 percent of all originations in the fourth quarter, a slight improvement from the 9.6 percent market share reading in the third quarter.

The new version incorporates lessons learned from the financial crisis of 2008 along with contemporary concerns about mortgage originations and servicing.

Another bank bites the dust in wholesale: Fifth Third Bank, which ranks second among depositories in the channel, according to Inside Mortgage Finance.

Fannie Mae and Freddie Mac last year wrapped up most of the massive amount of repurchase demands they made on legacy loans originated before 2008, but the government-sponsored enterprises are looking more closely at new production and, increasingly, servicer performance. Together, Fannie and Freddie reported a total of $37.87 billion in mortgage repurchases and other settlements of buyback claims, which typically means ... [Includes one data chart]

A federal judge last week granted discovery to attorneys for a hedge fund representing one group of Fannie Mae and Freddie Mac shareholders as it seeks to challenge the government’s August 2012 “net worth sweep” that effectively confiscates both GSEs’ profits. Fairholme Capital Management, founded by Wall Street veteran Bruce Berkowitz, controls roughly $2.4 billion (face value) of Fannie and Freddie "junior" preferred. Thanks to the September 2008 government takeover of the two firms, the U.S. Treasury controls the senior preferred and is effectively the owner of the two GSEs.