Cherry Hill Mortgage shares fall in debut

Shares of mortgage investment company Cherry Hill Mortgage fall in initial public offering

Associated Press

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

The mortgage investment company priced its IPO at $20 per share. The stock closed down $1.50, or 7.5 percent, to $18.50.

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 now trade on the New York Stock Exchange under the ticker symbol "CHMI."

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