Secondary Market

There are approximately 81,000 loans in the portfolio involved in the transaction, according to Ocwen's announcement. The transaction is subject to a definitive agreement as well as approval from Freddie Mac as well as Freddie Mac's conservator, the Federal Housing Finance Agency (FHFA).

For all of 2014, Fannie reported profits totaling $14.2 billion, down from $84 billion in 2013. Like its sister company, Freddie Mac, Fannie's 2013 results got a major boost from a one-time benefit related to deferred tax assets and a surge in funds from securities settlements.

For the last three months of 2014, Freddie pulled in $227 million in net income, the company said Thursday, a drop of nearly $2 billion from Q3. The sharp drop came from derivative losses, which totaled $3.4 billion for the quarter as interest rates fell.

According to the class-action lawsuit, which was originally filed in September 2008, the underwriters made "material misstatements and omissions of material facts" in the offering documents, which was in violation of the Securities Act.

Attorney General Eric Holder has given U.S. attorneys across the country 90 days to judge whether or not they want to bring cases against specific individuals for their alleged roles in 2008's mortgage crisis, according to reports.

FHFA, which is suing on behalf of the RMBS pools' trustees, claims that Morgan Stanley committed a breach of contract by failing to buy back the poor performing loans, which were pooled into securities and sold to Freddie Mac in 2007, according to reports.

U.S. District Judge Stanley Chesler in Newark ruled that Prudential failed to show sufficient proof that Bank of America and its Merrill Lynch misrepresented the quality of its loans backing securities to ratings agencies, according to reports.

In a meeting with reporters on Wednesday, Mel Watt, former U.S. representative and chief of the Federal Housing Finance Agency (FHFA) since December 2013, discussed a number of key issues facing the GSEs and the agency, touching on topics ranging from recently introduced low down payment programs to the often debated subject of principal reduction for struggling homeowners.

Bank of America was ordered to pay a $1.27 billion penalty in July 2014 as a result of its alleged role in the "Hustle" case. The bank had been fighting to overturn that verdict since, claiming that the HSSL program ended prior to its acquisition of Countrywide.

December's compound annualized rate decline of 26.4 percent for the gross mortgage portfolio was the eighth-highest rate for any one month since the Federal Housing Finance Agency's conservatorship of Fannie Mae began in September 2008. The highest rate of decline occurred in January 2010, when it dropped by 44.8 percent.