One last thought on Mel Watt, FHFA and expanding the credit box: Members of the GOP who were big boosters of the recently departed Ed DeMarco will probably read the g-fee comment notice and have a fit…

Among the 12 questions that the FHFA asks the public to consider is this: “If the enterprises [Fannie Mae and Freddie Mac] continue to raise g-fees, will overall loan originations decrease?”

Individual accountability is the regulatory catchphrase of the moment not only at the CFPB but at the Securities and Exchange Commission and state regulatory agencies as well.

Is Fannie Mae’s stock a screaming buy as Pershing Square hedge fund chief Bill Ackman recently suggested?

Unlike a lot of other housing-market data, the MBS figures are not seasonally adjusted, though they are seasonally affected.

"The ECB has a real problem on its hands," said Barry Habib, who runs MBS Highway, an analytics firm that offers lenders advice on when to lock rates.

Banks that extend warehouse lines of credit to non-depositories are suffering from a usage drought on their loans, forcing them to consider other asset classes to finance, including mortgage servicing rights. According to industry advisors and warehouse officials, there are at least half a dozen large banks that are dipping their toe into the MSR financing pool or contemplating such a move. “From what I’m seeing, a number of warehouse banks are looking...

Industry observers believe that FHFA Director Mel Watt – who has been on the job since early January – wants to open up the “credit box” for low- and moderate-income borrowers.

The good news for the mortgage industry is that the bulk of Dodd-Frank-required mortgage rules have already been issued.

Notably absent from Watt’s first major policy speech as FHFA director last month was any mention of the housing trust funds.