heikoscreens
Sep 30, 6:45 PM
Quiet corner of the market getting hit hard today: housing-finance plumbing. Mortgage insurers
$MTG down 6.9%,
$NMIH down 8.5%,
$ESNT down 6.2%, plus RDN and ACT down 4-5%. Title insurers too:
$STC down about 9%,
$FNF about 5.6%, FAF about 4.7% (intraday, around 2:30pm ET). Zoom out and it's not a one-day thing: on a 1-month view the group is down roughly 9-25%, STC worst at about 25%. FNF and STC are now trading below their previous 52-week lows. What I can verify: FHFA has been busy this month. Sept 15 Pulte pushed easier PMI cancellation (MI stocks dropped that day too), and Sept 29 brought the single pricing grid that crushed FICO. What I couldn't find is one clean headline for today's leg. Anyone seen what triggered it? New FHFA/GSE news, or just the market repricing everything tied to Fannie/Freddie policy risk?
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