Radian Filing Causes Mortgage Insurer Stock Price Declines

The members of the Mortgage Industry Equity Composite as a group had a better day Monday than the overall stock market. While the Dow Jones Industrial Average was down six points from Friday, 12 of the 17 MIEC stocks closed higher on the day.

Home Loan Servicing Solutions was up 2.55%, followed by PennyMac Mortgage Investment Trust, up 1.6%, and KB Home, up 1.57%.

On the down side, the private mortgage insurance companies in the MIEC suffered as Radian Group made a Securities and Exchange Commission filing stating Radian Guaranty may need additional capital as a result of tougher standards.

Radian Group lost 2.07%, while MGIC Investment Corp. lost 2.47%.

The other two legacy private mortgage insurers are owned by holding companies with lines in other areas. Genworth Financial lost 1.41%, while AIG, the parent of United Guaranty, lost 0.58%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Radian-Filing-Mortgage-Insurer-Stock-Declines-1038139-1.html

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