In Monday's National Mortgage News (the print version) we have a story concerning "counterparty risk" and servicing sales. Since the story posted, one advisor told me, "There is no question that the only way you can sell servicing with a GSE guaranty is if the GSE agrees to waive the reps and warrants. Why would you buy a pool knowing that if the originator is either already gone or may fail in the future, that the servicer is now responsible for the buybacks?" Also, in my weekend column, I mentioned Phoenix Capital. A handful of readers wrote to tell me that the Denver-based advisory firm is alive and well and doing deals. One West Coast mortgage executive noted: "We just used Phoenix to broker some servicing rights for us"...
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