Redwood Gains Value While Most Mortgage Stocks Lose

Redwood Trust stock was selling at a 4.46% gain, leading the Mortgage Industry Equity Composite on Tuesday.

RWT stock prices fluctuated between $21.94 and $22.90 during the day amid news that the jumbo mortgage banker plans to sell bonds backed by $576.4 million of home loans and new debt issuance.

Redwood specializes in issuing mortgage bonds that do not have government backing.

Few mortgage stocks followed the pattern. The other three better performing stocks were CoreLogic up 0.7%, Dime Community up 0.42% and Fiserv Inc. up 0.04%, all of which barely made it into the green.

The rest of the stocks in the MIEC reflected overall market losses for the day.

Kaufman Broad whose stock sold for a loss of 3.02% was the worst performer, followed by Home Loan Servicing Solutions down 2.51% and MGIC down 2.34%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/redwood-gains-value-most-mortgage-stocks-lose-1035063-1.html

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