Mortgage Stocks Hammered on Day 3

All but two of the members of the Mortgage Industry Equity Composite closed lower on Thursday, day three of the shutdown.On Wednesday, there were 12 of 17 stocks which closed lower.

Redwood Trust declined 4.37% with heavy trading volume on the day. KB Home was next, down 1.93%, and MGIC Investment Corp. was third, falling 1.51%. All three are in businesses that rely primarily on home purchases for business and purchase application activity declined last week.

OceanFirst Financial was the lone gainer, up 0.9%, while PHH closed unchanged.

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