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Non-Tech : Income Investing

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To: Elroy who wrote (5042)	3/20/2013 8:43:10 PM
From: E_K_S	Read Replies (1) of 52115

Walter Investment Management Corp. (WAC) You might want to check out WAC. I have been looking at their 2011 annual report trying to figure out this newly merged REIT. They generate a lot of their fees from servicing loans. They also have several loans they own but it's small compared to the total in the portfolio they manage. This may be a good one to own if they are not too exposed on the real estate. I do like the certainty of those servicing revenues but if they do not collect, they do not get paid. This is what they earn from their loan service business: Here is the link to their 2011 annual report. I know you study these companies, so I would like your opinion on this one. There may be some hidden gems here, especially if they acquired some of these loans at a significant discount to market. No dividends paid since 9/2011. So, WAC could be classified as a speculative investment that seems to be generating significant revenues from servicing loans. They still may have sour loans on their books and I am not sure if they have written these down, If acquired at the right "discounted" price, perhaps the lows are in. EKS

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