Walter Investment Purchases $11M Pool Of Performing Loans

Posted by Orb Staff on April 20, 2010 No Comments
Categories : Mortgage Servicing

Walter Investment Management Corp., a Tampa, Fla.-based real estate investment trust, has purchased a pool of residential first-lien mortgage loans valued at approximately $11 million using proceeds from its equity offering.

The pool consists of 100% performing, fixed-rate mortgages on single-family, owner-occupied residences located within the company's existing southeastern U.S. geographic footprint. Walter Investment anticipates the asset purchase will provide an unlevered return to shareholders in excess of its minimum return hurdles.

‘We are pleased to announce the closing of this purchase transaction, as it represents our first purchase using the proceeds from our equity offering and was accomplished consistent with management's commitment to acquiring only those assets which meet our stringent investment criteria and return hurdles,’ says Mark J. O'Brien, Walter Investment's chairman and CEO. ‘We were able to acquire a pool of assets with very similar loan and demographic characteristics to our existing residential loan portfolio, allowing us to leverage the existing expertise and excess capacity of our field servicing organization."

Walter Investment will continue to "diligently develop" its pipeline, O'Brien adds.

SOURCE: Walter Investment Management Corp.

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