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Walter Investment buys Ally Financial's mortgage business

Tampa-based Walter Investment Management Corp. is buying the mortgage unit of Ally Financial Inc., the latest in a string of deals to bolster Walter's multibillion-dollar loan portfolio.

Terms were not disclosed.

The acquisition, which includes 300 employees, involves Ally Financial's correspondent lending and wholesale broker businesses.

Best known as an auto lender, Ally is majority-owned by the U.S. government following a series of bailouts. The company previously indicated it wanted to pull back from home lending and sell other operations to pay back taxpayers.

Since spinning off from the former Walter Industries in 2009, Walter Investment has grown into a sizable asset manager and mortgage lender with more than 3,700 employees. It has focused on building a portfolio of subprime and other "credit-challenged" mortgages, as well as reverse mortgages.

This marks Walter's fourth notable deal of 2013.

Walter Investment buys Ally Financial's mortgage business 02/18/13 [Last modified: Monday, February 18, 2013 10:22pm]
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