market folly

Omega Advisors' founder Lee Cooperman has filed a 13G on shares of PennyMac Mortgage Investment Trust (PMT).  Per the filing, Cooperman now owns 5.17% of the company with over 3.86 million shares.

This is up from the 2.6 million shares Cooperman owned as of the end of the second quarter.  The new filing was made due to activity on September 4th.

For more from Omega, head to Steve Einhorn's interview on Wall Street Week.

Per Google Finance, Pennymac Mortgage is "a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. and its subsidiaries. The Company operates through two segments. The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between mortgage lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities (MBS), using the services of PNMAC Capital Management and PennyMac Loan Services, LLC. The investment activities segment represents the Company’s investments in mortgage-related assets, which include distressed mortgage loans, real estate acquired in settlement of loans, MBS, mortgage servicing rights and excess servicing spread.."