Mortgage Stocks Hit in Cyprus Sell-off
Just three of the 17 Mortgage Industry Equity Composite stocks finished trading on Thursday ahead of their Wednesday close, on a day the Dow Jones Industrial Average lost 90 points as investors continue to worry about the situation in Cyprus.
KB Home was up 2.46%, while PHH was up 1.23% and Ellie Mae gained 1.11%.
Redwood Trust had the biggest percentage loss, down 2.35%, while MGIC Investment Corp. (the most traded MIEC stock other than Bank of America) lost 1.92% and CoreLogic lost 1.68%.
Meanwhile, non-MIEC members Fannie Mae and Freddie Mac both opened trading on Thursday at $1.14 per share, up from each company’s $1.08 close on Wednesday.
At one point, Fannie hit $1.47 per share, but the gain didn’t last long and it sunk down to close at $0.78, down 27.77%. Freddie Mac’s high on the day was $1.44, but it too ended at $0.78. Fannie Mae had 203 million shares traded, while Freddie had $94 million.