The secondary market for residential servicing rights returned to health this year, spurring new hopes that it could lead to securitizations of “excess” MSRs. But getting there could prove difficult. Mark Garland, president of MountainView Servicing Group, said mortgage firms that have amassed large holdings of MSRs would like to unlock the value imbedded in this esoteric asset. One way to do that is through securitization transactions. According to Garland, large banks – including Wells Fargo – have been quietly selling...