In a speech this week before the annual secondary market conference of the Mortgage Bankers Association, FHFA Director Mark Calabria sounded a little bit like the Mark Calabria of the Cato Institute.

We're halfway through the second quarter and MSR sales are middling, a byproduct of lower interest rates and what may lie ahead. However, dealmakers believe 2H could bring a boom in sales activity.

The total mortgage delinquency rate among large mortgage servicers in March was at the second-lowest level in the post-crisis era. A number of factors are contributing to strong loan performance.