Hedge Funds Mortgage Lenders
Some Hedge Funds Favoring Mortgage Lenders
Some big hedge funds have taken a liking to mortgage insurers in recent months, especially PMI Group Inc. (PMI), whose stock-market value has plunged in recent years.
Paulson & Co., one of the world's largest hedge-fund firms, said in a regulatory filing late Monday that it held 5 million PMI shares at the end of June. The firm held no PMI stock at the end of March.
Blue Ridge Capital, run by former Tiger Management trader John Griffin, disclosed a new 8 million-share stake in PMI as of the end of June, according to a recent filing.
Omega Advisors, run by Leon Cooperman, almost doubled its stake in PMI to 7.93 million shares during the second quarter, another recent regulatory filing showed.
PMI shares jumped 15% to close at $3 Tuesday. The stock is up almost 19% so far this year. Source