Mortgage cos. reveal damage from housing crisis

May 12, 2008 6:02:57 PM PDT
Broad damage in the mortgage industry was in full view Monday as a number of companies posted dismal first-quarter earnings, but there was also some hope that the worst of the housing crisis is over.

Investors bid up shares of mortgage lenders and insurers despite billions in losses from a sustained housing downturn in the U.S.

Shares of bond insurer MBIA Inc., and mortgage insurers PMI Group Inc. and Radian Group Inc., all rose Monday, though shares of lender IndyMac Bancorp Inc. tumbled nearly 11 percent after warning of a rough year ahead.