Walter Investment Management Corp., Tampa, has agreed to buy Marix Servicing of Arizona for what the companies call a "nominal" sum, according to a new public filing.
A few months ago National Mortgage News broke the news that Marix's owner, Marathon Asset Management, a hedge fund, was exiting the business of investing and trading in delinquent mortgages. At the time, rumors abounded that it also would dump Marix, a relatively small servicer.
In its Securities and Exchange Commission filing, Walter noted that an "earn out" might be payable to the hedge fund, but questions whether it will even happen.
Walter is a publicly traded REIT that operates as a mortgage portfolio owner and servicer, specializing in subprime, nonconforming, and what it calls "other credit challenged residential loans," primarily in the Southeastern U.S.