Mortgage Stocks Creamed on Investors’ Fed Concerns

Another day of investor speculation about the Federal Reserves timing to end the bond purchase program, as well as JPMorgan Chases latest problem with the Securities and Exchange Commission over hiring practices in Hong Kong, helped to drive down both the Dow Jones Industrial Average and the Mortgage Industry Equity Composite on Monday.

Only one MIEC stock closed higher than it did on Friday: OceanFirst Financial, up 1.86%.

However, not even a ratings upgrade from Moodys Investors Service could save MGIC Investment Corp. The stock lost 5.7% from its previous close. Moodys did raise the insurance financial strength rating of Mortgage Guaranty Insurance Corp to Ba3 and the senior debt rating of parent company MGIC Investment Corp. to B3, based on their improved financial conditions.

KB Home was down 4.29% on the day, while Home Loan Servicing Solutions lost 4.26%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Mortgage-Stocks-Creamed-Investor-Fed-Concerns-1038281-1.html

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