Walter to invest $15M in Urban Financial

TAMPA — Walter Investment Management Corp. plans to invest $15 million in Urban Financial Group, a reverse mortgage originator.

Walter Investment (symbol: WAC; recent price: $39.40) agreed to the deal with UFG Holdings LLC, a company controlled by an investor group led by Walter's own chief strategy officer, Brian Libman.

UFG Holdings plans to acquire 100% of the membership interests of Urban Financial Group from KCG Holdings Inc. in the fourth quarter, says a news release. When the deal closes, Libman will resign from Walter Investment.