Updated from 1:33 p.m. ET
Financial stocks were mixed in trading Wednesday, as investors weighed the Obama administration's mortgage relief plan against other news in the sector.
, unveiled in Arizona this afternoon, commits $75 billion to help up to 5 million borrowers refinance, and provides incentive payments to mortgage lenders in an effort to help up to 4 million borrowers on the verge of foreclosure.
Banks stocks began slipping after Obama began his press conference after noon.
Bank of America
closed down 6.7% to $4.57.
was down 4.9% to $2.91.
shares were off 4.7% to $13.05.
Regional banks also were slipping.
closed 3.2% lower to $25.60.
shares were down 12% to $1.47.
The NYSE Financial Sector Index was recently down 0.5% to 2,651.
Financial guarantors were bucking the day's trend.
shares were soaring 29.6% to $4.51 after the bond insurer announced plans to split its municipal underwriting business from its riskier guarantees of shaky structured finance. Rival
was climbing 8% to $1.21.
This article was written by a staff member of TheStreet.com.