Zacks Picks Top Mortgage Stocks

Countrywide Financial Corp., Fannie Mae, Freddie Mac, American Home Mortgage Holdings Inc., and New Century Financial Corp. have snagged the top stock recommendations in the mortgage and real estate industry from Zacks.com, Chicago.Zacks cited Countrywide's $2.2 billion in average daily applications in February, more than double its level of a year earlier, as well as a 121% rise in loan fundings. It pointed to Fannie Mae's rising earnings estimates and said the company "has met or surpassed Wall Street's expectations" in recent quarters. Zacks cited the 15% growth in Freddie Mac's mortgage portfolio last year and the 27% rise in its diluted earnings in the fourth quarter, compared with its earnings a year earlier. Regarding American Home, Zacks said the company's recent deal to acquire the retail lending branches of Principal Residential Mortgage will create the nation's 14th-largest retail mortgage lender. Finally, Zacks cited New Century's 73% increase in loan production in January and February. Further information on the stock recommendations can be found online at http://allstartoppicks.zacks.com.