Walter Investment Management Corp. Closes On Purchase Of $132 Billion UPB Of Fannie Mae MSRs And Completes Acquisition Of ResCap Originations And Capital Markets Platform
TAMPA, Fla., Jan. 31, 2013 /PRNewswire/ -- Walter Investment Management Corp. (NYSE: WAC) ("Walter Investment" or the "Company") announced today that it has closed on two separate purchases of Fannie Mae mortgage servicing rights ("MSRs") for loans and other intangibles totaling $132 billion in unpaid principal balance ("UPB"). The company also announced it had completed the acquisition of the originations and capital markets platform of Residential Capital, LLC ("ResCap"). Of the MSR and other intangibles acquired, $44 billion in UPB was purchased from ResCap and $88 billion in UPB was purchased from Bank of America.
Mark J. O'Brien, Walter Investment's Chairman and Chief Executive Officer, said, "We are quite pleased to have completed these acquisitions from ResCap and Bank of America. The Fannie Mae MSRs and other intangibles are a tremendous fit with our capabilities and represent very attractive additions to our servicing portfolio. Along with the ResCap originations platform, these acquisitions enhance our position as a leader in the sector and augment our ability to continue to capitalize on the variety of opportunities resulting from the evolving structural changes within the space. These transactions are the culmination of tremendous efforts by the entire Walter Investment team and I commend them for their performance."
About Walter Investment Management Corp.
Walter Investment Management Corp. is an asset manager, mortgage servicer and originator focused on finding solutions for consumers and credit owners. Based in Tampa, Fla., the Company has over 3,700 employees and services a diverse loan portfolio. For more information about Walter Investment Management Corp., please visit the Company's website at www.walterinvestment.com.
SOURCE Walter Investment Management Corp.