Bank of America as well as the three surviving mortgage insurance holding companies were taking it on the chin from investors even though the Dow Jones Industrial Average was up 199 points at noontime on Tuesday (and over 200 points up earlier in the day).
A pair of private MIs, MGIC and Radian, hit 52-week lows at some point during morning trading, resulting from investor hangover from PMI and Old Republic, both of whose mortgage insurance subsidiaries are entering run-off status. By midday they had regained some of the loss; MGIC was down $0.02 to $1.68, Radian off $0.05 to $2.01 while Genworth was down $0.02 to $6.14.
PMI was up less than $0.01 per share, while ORI, whose general and title insurance operations remain operating, was up $0.04 to $9.23 per share.
Bank of America reached an all-time low on Monday and broke through that this morning, at one point hitting $6.01 per share before a rebound brought it up to $6.29 at noon.
Other title companies were also up on the day so far: First American's share price was up over 3% or $0.43 per share to $14.62; Fidelity was up $0.09 per share to $16.05 and Stewart was up $0.02 to $9.27.
Among the other banks which are among the largest mortgage players, Wells Fargo and JPMorgan Chase were both up 2.5% for the morning, while Citigroup was up 3.3%. Flagstar saw its price decline by less than a penny.
