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Cherry Hill Mortgage gets notice; jumps more than 3%

  • Freshly gone public and largely ignored, Cherry Hill Mortgage Investment (CHMI +3.1%) is having a big day as SA Pro author Steven Reiman says the valuation placed on the mortgage servicer is roughly 40% less than that of a close competitor, New Residential (NRZ -0.5%).
  • The full article is embargoed to all except Pro subscribers until tomorrow morning.
  • Hedge fund Boston Provident - which focuses on financial services firms - last week disclosed a 6.8% stake in Cherry Hill.
Comments (2)
  • 166649
    , contributor
    Comments (331) | Send Message
     
    This was also profiled in Inside Mortgage Finance today.

     

    CHMI
    New York Hedge Fund Amasses Stake in Freedom Mortgage’s REIT

     

    By Paul Muolo
    pmuolo@imfpubs.com

     

    New York hedge fund Boston Provident LP has amassed a 6.8 percent stake in Cherry Hill Mortgage Investment Corp., a REIT spun off this past fall by Freedom Mortgage, a top-20 ranked residential lender.
    According to a new filing with the Securities and Exchange Commission, Boston Provident owns roughly 507,000 shares of CHMI’s common.

     

    CHMI, however, is not the hedge fund’s first foray into mortgage banking. According to investor information compiled by NASDAQ, Boston Provident owns stakes in Altisource, Oaktree Capital Group, Ocwen Financial and PennyMac Mortgage Investment Trust.

     

    Freedom has big expansion plans for the new year. Company CEO and founder Stan Middleman recently told IMFnews Daily that he plans to hire between 200 and 500 residential loan officers in 2014.
    2 Jan, 04:03 PM Reply Like
  • William Packer
    , contributor
    Comments (251) | Send Message
     
    Not sure how anyone can"amass a stake" in CHMI. So illiquid.
    11 Feb, 10:04 AM Reply Like
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