Mortgage Stocks Slump on Wednesday

Mortgage & Real Estate

Mortgage stocks got caught up in day three of a market slump on Wednesday. All but two Mortgage Industry Equity Composite members closed lower on the day.

The one gainer was Fiserv, up 0.17%, while Radian Group (which earlier in the day reported record volume of new flow insurance written in July) closed unchanged compared with Tuesday.

Home Loan Servicing Solutions had the largest percentage loss among MIEC stocks, down 2.77%, followed by KB Home, down 1.97%, and MGIC Investment Corp., down 1.82%.

A day after President Obama spoke about the future of Fannie Mae and Freddie Mac, both stocks closed higher. Freddie Mac, which reported a $5 billion profit earlier in the day, closed up $0.02 per share to $1.42. Fannie Mae was up $0.03 to $1.54.

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