Simpson Reps Walter Investments In $1B Loan Co. Buy

Law360, New York (March 28, 2011, 5:21 PM EDT) -- Mortgage portfolio owner Walter Investment Management Corp. said Monday it will buy home loan servicer GTCS Holdings LLC for $1.065 billion including debt as part of the Tampa, Fla., company's plan to home in on the specialty mortgage services sector.

The transaction values Green Tree at $745 million and includes a deal to retire $300 million in existing debt and to assume $20 million in existing debt, while Walter Investment will also issue $765 million of new debt, the portfolio company said.

As default rates on...
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