PHH Down 4% After Sterne Agee Downgrade

Mortgage & Real Estate

Investors retreated from the market on Day 8 of the shutdown. OceanFirst Financial was the only Mortgage Industry Equity Composite member to close higher on Tuesday, up 0.29%.

On the other hand, PHH, which soared late on Monday on a published report claiming the firm was looking to split its divergent business lines, had the largest percentage loss on the day, down 4.05%. Sterne Agee issued a report dropping the company to neutral from buy.

Radian, after announcing a rather small decline in its delinquent inventory, was down 3.34% and Ellie Mae was down 2.56%.

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