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U.S. banks are expected to unload up to $2 trillion in mortgage servicing rights. Behind the sell-off are tough new Basel III capital requirements and the past failures in servicing troubled loans that has brought unwanted scrutiny. Picking up the slack are nonbanks like Nationstar (NSM), Ocwen Financial (OCN) and Walter Investment (WAC), all of which have been aggressively snapping up banks' servicing portfolios. Watch out, too, for Penny Mac, which plans to use the proceeds from its planned public offering to fund servicing acquisitions.

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