For some servicers, including Ocwen Financial, the math of outsourcing is simple: pay back-office workers the equivalent of $2 an hour when their U.S. counterparts can earn at least five times that.
Ocwen, in particular, will need to tell investors exactly how they plan to become a top-10 originator, something that seems like a long shot right now...
Goldman actually entered the subprime MBS and financing game a bit late compared to some of its peers. At one point it even owned a small subprime lender.
Wells' lending performance stands in contrast to its closest JPMorgan Chase, which reported a 23.3 percent sequential decline in mortgage production for the period.