Walter Investment Closes Residential Mortgage Securitization

Walter Investment Management Corp. has closed the private placement of $135 million of residential mortgage-backed notes issued by Mid-State Capital Trust 2010-1, a newly formed statutory trust sponsored by Walter Investment. The notes are backed by U.S. residential mortgage loans, building and installment sale contracts, promissory notes, related mortgages and other security agreements.Â

"We are quite pleased to announce the closing of this securitization," says Mark J. O'Brien, Walter Investment's chairman and CEO. "This transaction not only allows Walter Investment access to a key funding source, but also represents the culmination of the efforts of the numerous parties involved in the transaction, all of whom shared a common goal of contributing to the revitalization of the securitization market for residential mortgage assets."

The Trust sold approximately $56 million in principal amount of Class A notes, rated AAA by Standard & Poor's (S&P) and $78 million in principal amount of Class M notes, rated A by S&P.

The purpose of the offering is to raise capital to fund Walter Investment's ongoing growth initiatives, the company says.

SOURCE: Walter Investment Management Corp.


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