The $74 million loss on a commercial MBS conduit loan lines the pockets of investors, like Carl Icahn, who have shorted brick-and-mortar retail.

For now, the market is well served by two to four master servicers. But if any of them exit the market, servicing costs and transaction fees could increase.

A recent district court decision illustrates the importance of the powers ascribed to trustees in governing pooling and servicing agreements when initiating a foreclosure action.