Walter sets new date for return from bankruptcy
Walter Investment Management Corp. plans to emerge from Chapter 11 bankruptcy and start trading again under a new name in a matter of days.
The company plans to start trading again as Ditech Holding Corp. on Feb. 12 under the ticker symbol DHCP.
Still unknown is who will lead the company as CEO. Former Freddie Mac executive Anthony Renzi, who currently holds the post, will leave once a successor is in place.
Jerry Lombardo, who has served as managing director and treasurer of the consumer and community bank at JPMorgan Chase, was recently named to replace Gary Tillett as chief financial officer.
Walter's chairman, George Awad, will remain on the company's board. Awad briefly served as interim CEO and president for a few months in 2016, and before joining the company led consumer finance units at Citi Holding and GE Capital.
Other executives that remain with the company include Reverse Mortgage Solutions President Jeff Baker, who was recently named the company's COO.
Walter had hoped to return from bankruptcy at the end of January, but ended up delaying the move.
Walter staged several acquisitions over the years.
It bought precrisis online lender Ditech's name in 2013. Servicers Walter was known for purchasing include Reverse Mortgage Solutions, which it bought in 2012, and Green Tree, which it acquired in 2011.
Walter also purchased reverse mortgage lender Security One in 2013. It later exited the reverse mortgage lending business in early 2017.