If I were an investor and a loan originator/servicer were asking me to take a loss on my investment I’d be expecting them to take the same percentage loss (at least) on their origination and servicing fees.

Sooner or later that investor is going to want their money back. When that happens and the borrower’s income is still inadequate by 50% to service a conventional rate there will still be a loss. It’s just a question of whether the investor is going to throw good money after bad.