Senate Majority Leader Harry Reid appears to have come out in support of Fannie Mae and Freddie Mac. But will other elected officials follow suit?

Wells Fargo cuts 760-plus mortgage workers. Meanwhile, Bexil American enters the New Jersey market through the wholesale channel.

Three months ago, CashCall President Paul Reddam said he was open to offers on his refinance shop, but that was before a jump in interest rates signaled a downturn in refi lending. At the midway point in 2013, CashCall ranked as 26th in mortgage originations, according to Inside Mortgage Finance, and refi loans accounted for virtually all of its business. These days Reddam isn’t returning telephone calls and competitors and investment bankers that specialize in mortgage acquisitions say that of late, they’ve heard little about CashCall’s situation. “I’m getting resumes from some of their employees,” said one mortgage CEO who is based in the same Southern California market as CashCall. “We’re seeing a lot of resumes from refi shops.” This executive, who focuses on purchase lending and spoke on the condition his name not be used, said...

Two Harbors revealed that it is advanced talks to purchase a potentially significant portfolio of mortgage servicing rights later this year.

Portfolio recapture, wholesale, and builder channels accounted for almost 79 percent of its fundings in 2Q.

Is refi specialist CashCall still on the auction block?

According to an IRS private-letter ruling, certain excess servicing rights would constitute a real-estate asset, and income from the spread would be treated as interest on obligations secured by mortgages on real property.

The market for residential servicing rights continues to gain momentum with two new offerings from The Prestwick Mortgage Group.

Ocwen is looking at $400 billion of MSR deals, at least. Meanwhile, a lager wholesale may exit, and no, it's not EverBank.

The Senate won't vote on the nomination of Rep. Mel Watt, D-NC, for director of the Federal Housing Finance Agency, before leaving for its August recess.