Walter Investment Management Corp. (WAC) has been on a tear since last August after limping along following a gentle decline from 2004 to 2007 and a steep fall in 2007 and 2008, along with the rest of the mortgage-related world.
WAC’s shares closed at $21.59 on August 1, 2012 and $46.60 on January 10, 2013. Not too shabby. So what has happened in the meantime?
- WAC bought Reverse Mortgage Solutions
- WAC conducted a $250+ million public offering
- WAC and Ocwen Financial Corp. won a $3 billion bankruptcy auction for Residential Capital LLC’s loan servicing unit (Ed: Heh, ‘unit’)
- WAC bought Security One Lending in a small $31 million deal
- Today, WAC announced its acquisition of mortgage servicing rights from Bank of America for about $519 million.
Apparently the servicing industry is in recovery. Fannie Mae/Mac settlements with Bank of America don’t hurt.
A different kind of service industry
Sexy waitresses dances for a guy. Wait for the twist (plot twist, not the Chubby Checker dance.
More classic Waitresses, “I Know What Boys Like”. They know, I don’t.