PHH shares jump 13%
A Dallas hedge fund manager disclosed a 7.9% stake in the Mount Laurel company, which recently suffered a credit downgrade and changed chief executives.
Shares in PHH Corp. jumped 13 percent after a Dallas hedge fund manager disclosed a 7.9 percent stake in the Mount Laurel company, which recently suffered a credit downgrade and changed chief executives.
PHH operates a mortgage business and a vehicle fleet management operation.
Hayman Capital Management L.P. said in a Securities and Exchange Commission filing that it had purchased 4.45 million shares since Sept. 30.
With the purchase, J. Kyle Bass, portfolio manager at Hayman Capital increased his bet that the housing market was on the mend.
In November Bass disclosed a 4.9 percent stake in MGIC Investment Corp., a Milwaukee company that sells private mortgage insurance.
PHH's shares closed at $12.08, up $1.42 on the New York Stock Exchange. - Harold Brubaker