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Friday, December 7, 2007

Mortgage lenders stocks rebound as refinancings increased

December 7 2007
Shares in U.S. mortgage lenders rebounded for a second day as the pace of residential refinancings increased and on optimism that some struggling lenders may find buyers. Shares of Fremont General Corp. rose $1.75, or 25.8 percent, to $8.53 amid hopes the subprime lender, one of the nation's largest, is close to selling its Fremont Investment & Loan subprime unit. New Century Financial Corp. closed up 14 cents at $5.16 but is still 64.8 percent below its Friday close. Shares of NovaStar Financial Inc. another subprime lender, rose 56 cents to $5.09, but are 29.7 percent below Friday's close. Countrywide Financial Corp., the largest mortgage lender, up 15 cents to $37.00; Impac Mortgage Holdings Inc.up 88 cents to $5.75, and IndyMac Bancorp Inc., up $1.52 to $31.18.

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