Walter Investment Management Corp (WAC)

[56Chevy]

As a result of this acquisition, Walter Investment will no longer qualify as a real estate investment trust ("REIT').

TAMPA, Fla., July 5, 2011 /PRNewswire via COMTEX/ --

Walter Investment Management Corp. (NYSE Amex: WAC) ("Walter Investment" or the "Company") today announced it has completed its previously announced acquisition of GTCS Holdings LLC ("Green Tree") transforming Walter Investment into a leading business services company focused on recurring, fee-based revenues generated from an "asset-light" platform.

Green Tree, based in St. Paul, Minnesota, is a leading independent, fee-based business services company which provides high-touch, third-party servicing of credit-sensitive consumer loans. Green Tree brings to Walter Investment a high-growth platform, with long-standing relationships with a diverse, blue chip customer base. Green Tree's highly successful management team, averaging more than two decades of industry experience, has a proven history of proactive implementation of effective processes to meet the ever changing regulatory landscape.

"We are quite pleased to announce the completion of the acquisition of Green Tree and look forward to pursuing our shared strategic objectives for growing the business and enhancing long-term shareholder value," said Mark J. O'Brien, Walter Investment's Chairman and Chief Executive Officer, "It is apparent that we are at the beginning of a secular transformation in the mortgage services sector, and with the addition of Green Tree's business services capabilities, we believe that the Company is uniquely positioned to execute on opportunities from this transformation and capture a significant share of this growing specialty services sector."

"Green Tree has consistently demonstrated its ability to access new business in this sector and create significant growth opportunities," continued Mr. O'Brien, "We are pleased with Green Tree's great progress toward profitable growth of its servicing portfolio, which is ahead of our expectations, and we eagerly anticipate the opportunity to further enhance the values of our customers' residential mortgage assets and leverage available opportunities for all of our stakeholders."

"Walter Investment, with its more than 50 year history of strong performance, enables us to provide our customers with additional services and solutions, creating an even more robust business solutions provider operating within a larger and stronger capital base," said Keith Anderson, Chief Executive Officer of Green Tree. "We are already taking advantage of becoming part of Walter Investment and developing plans to enhance our business services offerings."

As a result of this acquisition, Walter Investment will no longer qualify as a real estate investment trust ("REIT').

http://investor.walterinvestment.com/phoenix.zhtml?c=227999&p=irol-newsArticle&ID=1582014&highlight=

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* Although this news is about a year + old ...its good info for tracking WACs' move to be a player in the Mortgage Servicing business post recession imo.