Lampert Reports Sallie Mae Stake
In a just disclosed SEC filing Sears Holdings Chairman Edward Lampert disclosed that through his RBS Partners
hedge fund he purchased shares in both Sallie Mae (SLM) and PHH Corporation (PHH)
PHH Corporation (PHH) is an outsource provider of mortgage and fleet management services. The Company operates in three segments: Mortgage Production, Mortgage Servicing and Fleet Management Services. PHH's Mortgage Production segment originates, purchases and sells mortgage loans through its wholly owned subsidiary, PHH Mortgage Corporation and its subsidiaries (collectively, PHH Mortgage), which is inclusive of PHH Home Loans. The Company's Mortgage Servicing segment services mortgage loans that either PHH Mortgage or PHH Home Loans originated, or for which PHH Mortgage purchased the mortgage servicing rights. PHH's Fleet Management Services segment provides commercial fleet management services to corporate clients and government agencies throughout the United States and Canada through its wholly owned subsidiary, PHH Vehicle Management Services Group LLC, doing business as PHH Arval.
Lampert paid $301.8 million for just over 6 million SLM shares and $37.5 million for just over 1.4 million shares of PHH.
The filing was an amended filing for the quarter ending 9/30/2007 to report the holdings. Lampert paid roughly $49 a share for the SLM stake currently trading at $21 and $26 for the PHH stake currently valued at $19 assuming they have not been sold
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