Kyle Bass' Hayman Capital Increases NMI Holdings Position ~ market folly

Monday, August 10, 2015

Kyle Bass' Hayman Capital Increases NMI Holdings Position

Kyle Bass' hedge fund firm Hayman Capital has filed a 13D and Form 4 with the SEC regarding its stake in NMI Holdings (NMIH).  Per the 13D, Hayman now owns 12.5% of the company with over 7.37 million shares.

The Form 4 indicates Hayman was out buying on August 5th - 7th at prices between $8.25 and $9.21.  In total, they purchased 1.875 million shares.

We also highlighted some other recent buying from Hayman Capital.

Per Google Finance, NMI Holdings is "provides private mortgage guaranty insurance (MI) in the United States. The Company's primary insurance subsidiary, National Mortgage Insurance Corporation (NMIC), is a MI provider on loans purchased by Fannie Mae and Freddie Mac (collectively the Government-sponsored enterprises or GSEs). The Company's reinsurance subsidiary, National Mortgage Reinsurance Inc One (Re One), provides reinsurance to NMIC on certain loans insured by NMIC. NMIC's residential mortgage insurance products primarily provide first loss protection on loans originated by residential mortgage lenders and sold to the GSEs and on low down payment loans held by portfolio lenders. NMIC offers two principal types of MI, primary and pool. The Company offers two types of primary mortgage insurance products to its customers, flow and non-flow."

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