Meanwhile, Ocwen’s board recently increased the maximum bonus amount for senior level executives to $3 million per year from $2 million.

Ocwen's stock has been floundering of late, but its payroll is headed north on a rocket.

The only spurt of growth in the MBS market was in the non-agency sector, where new issuance was up 36.5 percent from the fourth quarter.

“When a servicer recognizes losses on loans previously modified with forbearance, it could significantly impact cash flows across the capital stack,” writes Bank of America Merrill Lynch.

Mortgage bankers have been complaining loudly about escalating compliance costs since the CFPB opened its doors in 2011. Some smaller nonbanks have cited those rising costs as one reason they might be forced to merge with better capitalized institutions.

“Watt will want to draw a line of demarcation between him and DeMarco,” said one source. “Going forward, I think we’ll see an emphasis on average credit scores funded and even servicing performance.”

One ad on the radio sounds like The 60 Plus Association is doing the Lord’s work for the pension funds of fire fighters and policemen. After all, public pensions owned GSE stock prior to the crash and lost a bundle.

The former acting director of the Federal Housing Finance Agency tendered his resignation from the FHFA last week in order to “seek other opportunities.” Edward DeMarco, who served as the agency’s “temporary” head from September 2009 until January 2014, submitted his resignation – effective April 30 – to his successor, FHFA Director Mel Watt. Far from unexpected, DeMarco’s exit from the agency was seen within many industry circles as inevitable once the Senate confirmed Watt to a five-year term as director.

Wells Fargo and JPMorgan Chase both had huge drops exceeding 40 percent on mortgages sold to Fannie Mae and Freddie Mac.

Johnson-Crapo is wide open on what entities could issue the new MBS and even allows single firms to be loan originators, aggregators, issuers and bond guarantors.