Mortgage Stocks Again Tumble as Investor Fears Return

By Brad Finkelstein

Published June 24, 2013, 4:38 p.m. EDT

|

Updated June 24, 2013, 5:46 p.m. EDT

1 Min Read

The Dow Jones Industrial Average resumed making triple-digit movements on Monday, closing down 140 points as investors once again showed concern over the future of the Federal Reserve’s bond purchase plan. At one point during the day it was down 250 before rebounding after some of the fears were apparently eased.

Processing Content

Still, the day took its toll on the members of the Mortgage Industry Equity Composite, as 15 of the 17 members closed lower than they did last Friday.

The largest percentage declines were once again private mortgage insurance competitors Radian Group (down 6.62%) and MGIC Investment Corp. (down 5.25%) along with PennyMac, which was down 4.58%.

The only two gainers on the day were PHH, up 2.2%, and CoreLogic, up 0.91%.

Brad Finkelstein

Originations Editor

Brad Finkelstein is the originations editor of National Mortgage News. While he covers the entire process, Brad's specialty is loan production and... Read full bio

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Mortgage rates

Iran ceasefire brings brief reprieve for mortgage rates

The 30-year fixed fell to 6.37% after a two-week ceasefire tempered war-driven volatility, but economists warn the spring housing market faces continued turbulence.

By Spencer Lee
Technology Reporter

1h ago
Originations

Mortgage credit hits three-year high entering spring market

The Mortgage Bankers Association found gains in March for conforming, jumbo and government-sponsored loan indices for the third consecutive month.

By Andrew Martinez
Reporter

2h ago
Law and legal issues

Guild-owned Academy beats back $8.5M attorney award

An appellate court reversed part of an $8.5 million award for attorneys who secured a $38.5 settlement against the lender in 2023 in a False Claims Act case.

By Andrew Martinez
Reporter

3h ago
Marketing

AI is making mortgage newsletters personal again

Fintech Candid says its AI-powered newsletter platform can scrape social media and public data to help loan officers send hyper-personalized outreach at scale.

By Spencer Lee
Technology Reporter

4h ago
LOAN PRODUCTS

Should conforming loan limit math change?

Conforming loan limits are determined using a home price index. A congressman is proposing a switch to an income-based metric, creating more jumbo mortgages.

By Brad Finkelstein
Originations Editor

8h ago
Consumer lending

Fifth Third official: AI will help banks 'out-code' vendors

Jay Plum, head of consumer lending at Fifth Third Bank, says artificial intelligence is fundamentally shifting relationships between banks and their third-party software vendors, allowing banks to do things on their own that they would previously rely on vendors to do for them, like identify risky loans and prepare for exams.

By Kate Berry
Reporter

8h ago

Load More