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Fannie Mae has purposely kept its mouth shut regarding its investment in servicing rights – especially its $74 billion MSR purchase from Bank of America this past fall which cost the GSE about 50 basis points. But its days of being super secretive may be coming to an end. Why? Answer: because it appears that the Consumer Financial Protection Bureau is warning that if a GSE engages in servicing chores it will fall under the new agency's purview. That's correct – at least according to an analysis conducted by Federal Financial Analytics in Washington. And if the CFPB becomes its servicing regulator that likely means more GSE documents could be available via Freedom of Information Act requests – or so journalists can hope. As for Freddie Mac and MSRs, it appears that this GSE has avoided buying servicing. If you know otherwise drop me a line.