iOS app Android app More

Cherry Hill Mortgage shares fall in debut

stumbleupon: Cherry Hill Mortgage shares fall in debut   digg: US Works With Sudan Government Suspected Of Aiding Genocide   reddit: Cherry Hill Mortgage shares fall in debut   del.icio.us: Cherry Hill Mortgage shares fall in debut

October 4, 2013 10:54 AM EST | AP


NEW YORK — NEW YORK (AP) — Shares of Cherry Hill Mortgage Investment Corp. are falling in their trading debt Friday after the company raised $130 million in its initial public offering.

The mortgage investment company priced its IPO at $20 per share. In morning trading, its shares fell $1.20, or 6 percent, to $18.80.

Proceeds will be used to buy mortgage serving rights and mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae, the Moorestown, N.J.-based company said.

Its shares are trading on the New York Stock Exchange under the ticker symbol "CHMI."