Prior to the crackup of the housing market, most warehouse providers were ready, willing and able to extend credit to nonbank lending customers based on the value of their retained servicing rights. But then came the crash.

A handful of warehouse managers pointed to one failure in particular that froze the market: Taylor Bean & Whitaker (TBW), a large nonbank lender that went belly up in August 2009, affecting the ownership and outstanding loans backed by $65 billion of Freddie Mac and GNMA servicing rights.

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