While trading in Fannie Mae and Freddie Mac common stock remained at higher-than-normal levels, investors turned bearish on the two companies Monday.
Both stocks fell below $3 per share, with Fannie Mae closing 11.67% lower and Freddie Mac down 12.66%. Both companies
The Dow Jones Industrial Average spent much of the day above the 16,000 mark before it moved downward and ended up just 14 points above its Friday close. As for the Mortgage Industry Equity Composite, a number of stocks had large midday gains but also were moving lower by the end of the day.
MGIC Investment Corp. did open slightly higher than its Friday close, but it spent most of the day in the red and closed down 3.88%. PHH closed down 1.58%, while Radian Group closed down 1.06%. The day ended with 11 of the 17 MIEC stocks closing lower.
Leading the gainers were OceanFirst Financial, up 0.91%, followed by Redwood Trust, up 0.83%, and Fiserv, up 0.81%.
