Ackman ups stake in General Growth Properties

With big bets on the collapses of companies like Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) and MBIA, Inc. (NYSE: MBI) and Ambac (NYSE: ABK), William Ackman profited handsomely with his bets on the decline of the housing market under the weight of too much risky debt.

Now he's taking the other side of that idea. In an amended 13-D filed with the SEC on Monday, Ackman's Pershing Square Capital Management disclosed that swap contracts with several institutions have raised its stake in General Growth Properties (NYSE: GGP) by an additional 18.1%, on top of the 7.5% stake he reported last month.

General Growth Properties owns and/or operates 200 regional shopping malls in 44 states, and had been one of the most highly-valued REITs in the market. But a heavy debt load and economic woes sent the companies stock price from more than $49 toward the end of last year to a low of 24 cents last month.

The company has major issues with its creditors and has attracted the scorn of credit rating agencies.

Given Ackman's record on real estate and debt predictions of late, it's hard to make the case for betting against him when he finally expresses some bullishness on a distressed company.