market folly

Tom Brown's hedge fund firm Second Curve Capital filed a 13G with the SEC regarding shares of First Marblehead (FMD).  Per the filing, Second Curve has revealed a 5.3% ownership stake in FMD iwth 5,993,522 shares.

This is a newly disclosed position for the hedge fund firm as they did not report an ownership stake at the end of the second quarter.  The 13G was required due to portfolio activity on September 20th.

Per Google Finance, First Marblehead is "a specialty finance company focused on education loan programs for K-12, undergraduate and graduate students in the United States, as well as tuition planning, tuition billing, refund management and payment technology services. It also offers a number of ancillary services in support of its clients, including loan origination, retail banking, portfolio management and securitization services. It offers an integrated suite of services through its Monogram loan product service platform, which the Company refers to as the Monogram platform, as well as certain services on a stand-alone, fee-for-service basis. Its subsidiary Union Federal Savings Bank, which the Company refers to as Union Federal, offers retail banking products, including education loans, residential and commercial mortgage loans, time and savings deposits and money market deposit accounts."