SunTrust to mortgage brokers: Drop Dead! Meanwhile, the inside scoop on the somber mood at the annual MBA show.

Committee Chairman Tim Johnson, D-SD, said the structure of the government guaranty for MBS “must be explicit, appropriately priced, and stand behind private capital that is not guaranteed.”

The planned $209.95 million Citigroup Mortgage Loan Trust 2013-J1 is backed by mortgages seasoned an average of four months from six lenders.

Michael Heid, president of Wells Fargo Home Mortgage, said more clarity on reps and warranties would help loosen residential credit.

Big banks were the five largest jumbo originators last year, with Bank of America ranking second followed by JPMorgan Chase, Citigroup and U.S. Bank.

The audit of the FHA's MMI fund should be ready by Christmas, not Thanksgiving.

Early Thursday, EverBank disclosed that it is selling $13.4 billion of Ginnie Mae servicing rights, while transferring $6.9 billion in subservicing to Walter Investment Management Corp.

Bill Erbey, the company's founder and chairman, downplayed concerns that Ocwen is growing too quickly.

SunTrust is about to leave the wholesale/broker channel. Who's next?

During a Q&A session at the convention, MBS co-inventor Lew Ranieri said there is no “viable” alternative to Fannie Mae and Freddie Mac, noting that if the two disappear banks will not rush to put 30-year fixed rate loans on their books.