Mortgage Stocks Hit Hard During Monday's Trading
Investors nervous about the state of the economy led to a broad sell-off of stocks on Monday, as all 17 members of the Mortgage Industry Equity Composite closed lower than they did on Friday.
There were five stocks which lost 4% or more from their previous close: Astoria Financial, Radian Group, MGIC Investment Corp., Bank of Hawaii and OceanFirst Financial.
PennyMac Mortgage Investment Trust, the best performing stock on the day, lost more than 1%.
The Dow Jones Industrial Average lost 326 points on the day.
Freddie Mac, which is not an MIEC stock, fell back under the $3 per share mark, closing down $0.06 to $2.96 per share. Fannie Mae was down $0.05 to close at $3.08 per share.