Roddy Boyd of The Foundation For Financial Journalism makes the case that PennyMac Financial Services, Inc. (PFSI) is at the center of a brewing mortgage crisis. As one of the largest subprime lenders within the Ginnie Mae system, PennyMac may soon find itself running afoul of a series of bright line rules. With mounting defaults and questionable risk management practices, the company may soon find itself stuck between forced capital outflows and a lack of reliable funding sources.