Lender Stocks Face More Volatility

Mortgage industry stocks fell along with the rest of the market on Thursday, with most falling by amounts in line with the broader market.The Dow Jones industrial average ended down 387 points, or 2.83%, on Aug. 9. IndyMac Bancorp was among the day's big losers, shedding $1.85, or 8%, from its stock price. Mortgage insurers were also hit hard, with Radian's stock price falling by $1.55, or 7%, and PMI's falling by $1.11, or 3%. In topsy-turvy trading, Delta Financial Corp. actually gained 2.7% on the day, rising 13 cents to $4.88 despite announcing that it will delay reporting second-quarter earnings. The stock price had fallen sharply earlier in the day. Accredited Home Lenders, another nonconforming specialist, also saw its stock price rise 1.49% on the day, bucking the market trend. Still, all the subprime stocks were trading much closer to 52-week lows than 52-week highs. The Dow Jones industrial average was down over 20 points at midday on Friday after plunging around 200 points earlier in the day.