Tuesday was a bad day for mortgage stocks as investors switched their worries from the debt ceiling compromise to the overall economy, an attitude that took out most of the publicly traded mortgage related stocks as well.
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The Dow Jones Industrial Average was down 266 points on the day.
The only winner among the mortgage group today is Radian Group, up over 15% to close at $3.55 per share as the company reported a second quarter profit of $137 million.
Meanwhile, its competitor in the mortgage insurance business, Old Republic International, at one point during the day hit another 52-week low (at $10.08 per share), before a small recovery meant its stock fell by only 2% to close at $10.14 per share.
The biggest declines on the day on a percentage basis are also in the mortgage insurance sector, PMI Group, off nearly 8% and Genworth Financial, down 5.5%. As for MGIC Investment Corp., its stock was off just 1% from the previous day’s close.
Among those down over 3% on the day are Flagstar, Citigroup, First American and Bank of America.
Daily Briefing | Friday, August 5, 2011
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Despite Major Problems at PMI, FBR Calls MI a ‘Market Perform’
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MBA’s VP of Corporate Relations Departs
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