Mortgage Industry: Not all Mortgage Banks are in trouble

Here is a classic example of a Mortgage Bank that did the right thing when it was so easy to stray from the norm.  Hudson City Bancorp (Charts) is about two-thirds the size of Countrywide, with a market cap of about $7.4 billion, compared to its rival's $12.5 billion.  This is the kind of company that may give our industry hope!  See story below from cnnmoney.com:

The anti-Countrywide

Hudson City Bancorp is the biggest winner in the S&P 500 the last month, up 21%, and it's a mortgage bank. How did one lender escape the subprime carnage?

By Rob Kelley, CNNMoney.com staff writer August 21 2007: 6:27 PM EDT

NEW YORK (CNNMoney.com) -- Mortgage companies have dominated the headlines lately, and the news has been uniformly bad, so it might be a bit of a surprise to some investors that the best performer in the S&P 500 the last month is a lender.

New Jersey-based Hudson City Bancorp (Charts), whose main line of business is making traditional mortgage loans, albeit big ones, has more than just weathered the subprime storm. Its stock has jumped 21 percent since the market peaked in July, while competitors like Countrywide (up $1.98 to $21.79, Charts, Fortune 500), the nation's largest mortgage lender, have tumbled on concerns about rising delinquencies on subprime mortgages that sparked a broader credit crunch in markets around the world. FULL Story

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