Walter Investment Management Completes Spin-Off

Investment Management Corp. has successfully spun off former finance business Walter Industries Inc. and merged it with Hanover Capital Mortgage Holdings Inc. Walter Investment Management Corp. Chairman and CEO Mark J. O'Brien says the company's mortgage servicing approach allows it to endure up-and-down credit cycles, and he expects its $1.8 billion portfolio will "return a stream of steady dividends to our shareholders for years to come.’ ‘Our mortgage portfolio is almost entirely fixed-rate and was originated with a consistent, disciplined underwriting approach,’ O'Brien adds. "Through our high-touch mortgage servicing platform, the result is a 30-day delinquency rate that has remained well below six percent.’ The company expects to pursue opportunities to leverage its asset management capabilities and servicing platform to expand its revenue base beyond that provided from the existing portfolio. Walter Investment also offers full loan sale advisory and valuation services for private companies and government agencies through Hanover Trade. SOURCE: Walter Investment Managemen

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