Can anyone help with the signature on this kozuka?

[Akaei]

It is not very visible, but there are some parts that I believe might be figured out like the parts closes to the handle. I added a slightly contrasted version too.

[Matsunoki]

Looks like most of what we can see are the faint remains of a horimono (common on kogatana) with a two character signature nearer the kozuka. Most signatures on kozuka are “attributions” to famous smiths and must be viewed with a degree of scepticism. Sorry….can’t tell you the signature. 

[Ray Singer]

If I use my imagination, perhaps 源常__ with the last kanji cut off. High probability I am wrong, but that's what I see. Good luck ... 

 

Best regards, 

Ray