Mortgage stocks rule on Wall Street

Inman Index: IndyMac, Countrywide, WaMu gained ground in April

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Mortgage companies were among Wall Street’s winners in April, despite the Federal Reserve’s steady increases in bank interest rates. Shares of IndyMac Bancorp, Countrywide Financial Corp. and Washington Mutual posted gains of 17.3 percent, 12.8 percent and 5.2 percent, respectively, and helped push the Inman Index into plus territory for the month.

A Motley Fool columnist noted that plenty of people still have reasons to obtain a new mortgage, even though “some red-hot housing markets remain highly susceptible for a tumble,” in his opinion.