Mortgage Stocks Pounded with Rest of Market

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

  • Appraisal Vendor CEO Resigns, Some Appraisers Waiting to be Paid

    The founder and part owner of appraisal management vendor AppraiserLoft resigned as CEO this week, saying he wants to pursue new business ventures in mobile technology application development.

  • Wells Agrees to Settle Wachovia Related Suit

    Wells Fargo Co. has reached a $590 million agreement to settle civil claims with disgruntled investors in Wachovia-issued securities that were sold between 2006 and 2008, according to a securities filing Friday.

  • Mortgage Firms Continue to Cut Jobs, Brokers Mostly

    Mortgage companies cut 2,400 full-time employees from their payrolls in June, including 1,800 loan brokers, according to new government figures released Friday morning.

  • Fannie Continued to Hemorrhage Red Ink in 2Q

    Fannie Mae posted a net loss of $5.2 billion in the second quarter and Friday morning requested that the Treasury Department provide it with $5.1 billion of additional funds to keep its capital position in the black.

  • New York AG Intervenes in B of A Mortgage Settlement

    New York Attorney General Eric Schneiderman has petitioned to intervene in the proposed $8.5 billion Bank of America Corp. private label MBS settlement.

  • Earnings Fall at Midwest Lender TFS

    Profits at TFS Financial Corp. in Cleveland, a top ranked mortgage funder in the state, fell sharply in the quarter that ended June 30, as a surge of new loan activity could not make up for a steep drop in noninterest income.

  • 2Q Revenue Slump for CoreLogic

    CoreLogic posted net income of $31.48 million for the second quarter of 2011, an increase of nearly 29% from 2Q10’s net income of $24.41 million. But the higher earnings were off lower revenue, $396.4 million in 2Q11, compared to $411 million in 2Q10.

  • NAIHP Setting Up Legal Defense Fund for Loan Brokers

    The National Association of Independent Housing Professionals plans to set up a legal fund to help residential loan brokers defend against buyback claims being filed against them by the Federal Deposit Insurance Corp.

  • Despite Major Problems at PMI, FBR Calls MI a ‘Market Perform’

    On Friday morning, the day after the share price of PMI Group tumbled by 50%, FBR Capital Markets labeled the stock a ‘market perform’ but said it is dropping its expectations on the nation’s second largest mortgage insurer.

  • Free Webinar to Explain PDF Extraction for GSE Appraisal Delivery Requirements

    Veros Real Estate Solutions will host a free webinar on extracting data from PDFs, with a special emphasis on the new appraisal delivery requirements of the government-sponsored enterprises’ Uniform Mortgage Data Program.

  • MBA’s VP of Corporate Relations Departs

    Paul Green, senior vice president of corporate relations for the Mortgage Bankers Association, left the trade group two weeks ago, according to industry officials.

Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_401/mortgage-stocks-pounded-1025959-1.html?CMP=OTC-RSS

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