No Global Stimulus Hurts Stocks

Mortgage & Real Estate

Stock market investors were disappointed on Tuesday by several pieces of news indicating there was little hope right now for a global economic stimulus. The Dow Jones Industrial Average fell almost 117 points from its previous close, while just three stocks on the Mortgage Industry Equity Composite closed higher.

Those three were Home Loan Servicing Solutions, up 1.14%; Redwood Trust, up 0.85%; and Fiserv, up 0.28%. OceanFirst Financial closed unchanged.

The remaining MIEC stocks took it on the chin as 12 of the 13 closed with a loss of greater than one percentage point. Bank of Hawaii lost 0.58%.

CoreLogic lost 4.20%; Fidelity National Financial lost 3.81%; and PHH lost 3.59%.

News that shareholders in Fannie Mae and Freddie Mac were suing the government apparently buoyed those stocks, although they remained below $2 per share. Fannie Mae was up 3.66% and Freddie Mac was up 2.81%.

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