Mortgage-related stocks were decidedly mixed Friday on a day when concern about growing credit problems and weak consumer spending sent the Dow Jones industrial average tumbling by nearly 250 points. But industry stocks, for a change, fared better than the broad market. Eight of the 15 mortgage-related stocks tracked by MortgageWire actually saw their shares rise on Friday, with especially strong gains among the government-sponsored enterprises. Fannie Mae closed at $36.75, up $1.89, or 5.4%. Freddie Mac's shares closed at $29.46, up $1.58, or 5.7%. The biggest declines in the mortgage sector occurred at Countrywide Financial Corp., which closed at $6.33, down $1.42, or 18.3%; and IndyMac Bancorp, which closed at $5.23, down $0.55, or 9.5%. Countrywide shares had risen more than 50% on Thursday as rumors of Bank of America's deal to purchase the company surfaced. However, the shares drifted down after a deal was announced for a price that was lower than Thursday's closing price. In the overall market, the Dow declined by 247 points, or 1.9%.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry