Walter Investment Completes $8.6M Residential Loan Pool Purchase

Posted by Orb Staff on June 03, 2010 No Comments
Categories : Mortgage Servicing

Investment Management Corp. has completed the purchase of a pool of residential first-lien mortgage loans for approximately $8.6 million, utilizing proceeds from its equity offering. The pool consists of performing, fixed-rate mortgages on single-family, owner-occupied residences located within the company's existing southeastern U.S. geographic footprint. Walter Investment anticipates this asset purchase will provide an unlevered return to shareholders in excess of its minimum return hurdles. In April, the [link=http://www.mortgageorb.com/e107_plugins/content/content.php?content.5725]company announced[/link] it had purchased a pool of first-lien mortgages valued at approximately $11 million. That pool consisted of 100% performing, fixed-rate morgages on single-family, owner-occupied properties in the Southeast. ‘We are pleased to complete our second purchase transaction of residential loans using the proceeds from our equity offering,’ said Mark J. O'Brien, Walter Investment's chairman and CEO. ‘This pool has very similar loan and demographic characteristics to our first purchase and to our existing residential loan portfolio. We believe it is representative of other assets currently available in the market that can also benefit from the expertise of our high-touch servicing platform.’ SOURCE: [link=http://investor.walterinvestment.com/phoenix.zhtml?c=227999&p=irol-newsArticle&ID=1433815&highlight=]Walter Investment Management Corp.

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