Financial Winners & Losers: Lehman

Most stocks in the group are stronger, but Fannie and Freddie plunge. Lehman loses more than 12%.
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Financial stocks were mostly higher Monday after the government announced plans to rescue mortgage buyers

Fannie Mae

(FNM)

and

Freddie Mac

(FRE)

, but the sector was losing some of its momentum as the session progressed.

Cramer: The Mortgage Bailout's Biggest Winners

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Among financial components of the

Dow Jones Industrial Average

,

American Express

(AXP) - Get Report

was up 2.1%,

Bank of America

(BAC) - Get Report

was gaining 5.3%, and

Citigroup

(C) - Get Report

was higher by 4.4%.

JPMorgan Chase

(JPM) - Get Report

was rising 2.3%.

American International Group

(AIG) - Get Report

was missing the rally, slipping 0.6%.

Elsewhere,

Bank of New York Mellon

(BK) - Get Report

was up 7.4%, and

BB&T

(BBT) - Get Report

was adding 4.5%.

Regions Financial

(RF) - Get Report

and

SunTrust

(STI) - Get Report

were ahead by nearly 8%, while

Wachovia

(WB) - Get Report

was up almost 9%.

The KBW Bank index was stronger by 3.4%, and the NYSE Financial Sector index was up 2.6%. The Amex Securities Broker/Dealer index was edging lower, as

Lehman Brothers

(LEH)

slumped 12.7%.

Despite helping the market overall, Fannie and Freddie themselves were plummeting, with both losing more than 80% of their value to trade under $1 each.

Another sector benefitting from the Fannie-Freddie news was the homebuilding group, and the Philadelphia Stock Exchange Housing Sector index was climbing 5.4%.

Toll Brothers

(TOL) - Get Report

was up more than 7%,

D.R. Horton

(DHI) - Get Report

was showing a 9.2% gain, and

Hovnanian

(HOV) - Get Report

was advancing 11%.

Also in the group,

Centex

(CTX)

,

Pulte

(PHM) - Get Report

and

Lennar

(LEN) - Get Report

were stronger.

This article was written by a staff member of TheStreet.com.