In this report, FedFin outlines the current state of play for mortgage servicers, focusing on imminent rebukes from the FRB and assessing their impact on Fannie, Freddie and FHA.  We conclude that, while more than ugly and sure not to be cheap, the current situation will not prove systemic for the biggest servicers.

The full report is available to subscribers.  To find out how you can sign up for the service, click here.

.