A warning from JPMorgan Chase (JPM) on first-quarter revenues for big investment banks and a big investment in Nationstar Mortgage (NSM) by Kyle Bass’ billion-dollar hedge fund, made big impacts on several in the HW 30 index.

Friday morning JPMorgan sent out a projection that big investment banks could see revenues decline as much as 11% in the first quarter.

JPMorgan cited Barclays (BARC) and UBS (UBS) as likely to see declines in the 15% range, with Morgan Stanley (MS) projected at 7% decline, Credit Suisse (CS) with a projected decline of 8% and Goldman Sachs (GS) with a projected decline of 10%.

At 12:15 p.m. ET, Morgan Stanley was down 0.22% and Goldman Sachs was down 0.26%. Credit Suisse was down 1.67%.

Meanwhile, the street seemed to welcome news that Bass’ Hayman Capital Management upped its stake in Nationstar Mortgage (NSM) by 4.76 million shares, or 5.3%, citing its assessment of potential strength in nonbank servicers in the growing MSR market despite the regulatory headwinds facing nonbank MSRs.

Nationstar and another major nonbank servicer that Hayman Capital mentioned in its statement on the Nationstar buy, Ocwen (OCN), were both up. Nationstar was up 4.83% to $32.78, while Ocwen was up  3.82% to $40.49.

The HW 30 – HousingWire’s proprietary index of 30 key housing finance-focused stocks – was down 3.31 to 1109.65 just after noon Eastern time, while the Nasdaq was up a touch to 4261.63. The S&P 500 was up to 1846.97.

The CEO of Nationstar, Jay Bray, is featured on the cover of the latest HousingWire magazine. In the exclusive interview, he shrugs off critics who say his company is growing out of control. In his words, mortgage risk is in the "DNA of the company" and that the company is nimble enough to go with the flow.

"The fundamental way we grow the franchise is we hire people before we board the loan," Bray said in the interview. "So as opposed to growing recklessly, we make sure we have people in the seats beforehand."