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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.