Rally Leaves Mortgage Stocks Mixed

Many mortgage-related stocks participated in Friday's rally on Wall Street, but nearly a third of the 16 industry stocks routinely tracked by MortgageWire were down for the day.With the Dow Jones industrial average rising 205 points, or 1.55%, 10 of 16 industry stocks were up, with most posting gains larger than the broader market. Leading the charge was Doral Financial, which rose 11.6% to $18.71, followed by Triad Guaranty, up 7.5%, and LandAmerica Financial, up 6.4%. Fannie Mae's shares were up by 3.8%, with a closing price of $36.99, but its rival government-sponsored enterprise, Freddie Mac, fell 1.65% to close at $30.96. Countrywide Financial Corp. was unchanged, at $8.77. The hardest-hit among the mortgage stocks not participating in the rally was the bankruptcy-bound Delta Financial, down 15.3% to $0.07. Washington Mutual closed down 3.9% on the day, and Franklin Bank was off 2.5%. Shortly before 1 p.m. on Monday, the Dow was up more than 100 points.