It might be said that over the past three years a mortgage banker couldn't give away "legacy" mortgage servicing rights. (Just ask the megabanks, especially Bank of America.) As for the new stuff, buyers were plentiful — but only at their price.

But now there's a growing belief that MSR values — especially for new production — have bottomed out, and that it's all blue skies ahead. Of course, there's a new cloud looming for both investors and holders: yet another wave of declining rates which could spur even more portfolio run-off.

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