It stands to reason that with delinquencies falling and home values firming up that mortgage servicing rights are poised for a handsome increase in value. But judging from the latest earnings statements from the nation’s megabanks, nothing could be farther from the truth.

According to an analysis conducted by National Mortgage News, the nation’s largest residential servicers — which just so happen to be megabanks — are marking down their MSRs to near fire sale prices.

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