Last updated: October 04. 2013 11:47AM - 463 Views
Associated Press

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(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."

Associated Press
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