With fears mounting that the GSEs may soon alter servicing compensation in a significant way, at least one Wall Street firm is making the rounds offering a 'sale leaseback' deal to some of the nation's largest holders of MSRs, ASR sister publication National Mortgage News (NMN) has learned.

According to secondary market advisors familiar with the concept, a transaction would work like this: the MSR owner would sell a large portion of its portfolio, cashing out of the asset, but remaining as the subservicer.

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