Walter Investment buys loans

Walter Investment Management Corp. (NYSE: WAC) has purchased $11 million in mortgage loans, according to a company release.

The loans are 100% performing, first lien (first in line in the event of a default), fixed-rate mortgages for single-family, owner-occupied homes. Those characteristics make these loans similar to what Walter Investment already manages, says Mark J. O'Brien, chief executive officer of the company.

“We were able to acquire a pool of assets with very similar loan and demographic characteristics to our existing residential loan portfolio,” O'Brien explained in a release, “allowing us to leverage the existing expertise and excess capacity of our field servicing organization.”