No Global Stimulus Hurts Stocks

By Brad Finkelstein

Published June 11, 2013, 4:39 p.m. EDT

1 Min Read

Stock market investors were disappointed on Tuesday by several pieces of news indicating there was little hope right now for a global economic stimulus. The Dow Jones Industrial Average fell almost 117 points from its previous close, while just three stocks on the Mortgage Industry Equity Composite closed higher.

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Those three were Home Loan Servicing Solutions, up 1.14%; Redwood Trust, up 0.85%; and Fiserv, up 0.28%. OceanFirst Financial closed unchanged.

The remaining MIEC stocks took it on the chin as 12 of the 13 closed with a loss of greater than one percentage point. Bank of Hawaii lost 0.58%.

CoreLogic lost 4.20%; Fidelity National Financial lost 3.81%; and PHH lost 3.59%.

News that shareholders in Fannie Mae and Freddie Mac were suing the government apparently buoyed those stocks, although they remained below $2 per share. Fannie Mae was up 3.66% and Freddie Mac was up 2.81%.

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

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