Walter Investment Management to buy $90 million in mortgage pools

Walter Investment Management, a real estate investment trust based in Tampa, Fla., entered into letters of intent to acquire roughly $90 million in residential first-lien mortgage pools. Walter Investment Management is an asset manager and mortgage servicer. The company specializes in less-than-prime and nonconforming mortgage assets, and the $90 million purchase includes mostly performing, fixed and adjustable-rate mortgages. Walter Investment said 75% of the pool is backed by residences in the South. Walter Investment Management did not disclose the seller of the loans. It expects to close the deal by the end of the year. The company’s pipeline of performing loans remains above $300 million. Earlier in November, Walter Investment Management priced $135 million in notes backed by residential mortgages it plans to sell by the end of the month, and it completed the purchase of a high-touch specialty mortgage servicer Marix Servicing. Mark O’Brien, Walter Investment’s CEO, said the month’s activity gives them confidence for future growth. “We have been working diligently to grow our acquisition pipeline and believe the continued development of our investment program coupled with the recent pricing of our securitization strongly evidences the progress we have made implementing our strategic plan,” O’Brien said. Write to Jon Prior.