Cramer Says Paulson's Large Position In Regions Financial (RF) Is Big News

While everyone seems to be paying attention to hedge fund big-wig John Paulson new 168 million share stake in Bank of America (NYSE: BAC), Jim Cramer said the man's new 35 million share stake is Regions Financial (NYSE: RF) is more interesting.

Cramer calls Regions "one giant mortgage" and he said since Paulson was the smartest-of-the-smart betting against mortgages (the man made $3-$4 billion for himself for gosh sakes), for him to now buy the bank is a huge positive.

Paulson's new 35,000,000 shares stake in Regions Financial makes him owner of nearly 3% of the stock and the company's third largest shareholder.

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