Founded in 1954, Mid-State Homes purchases, services and securitizes mortgage accounts. The company is a subsidiary of Walter Industries, which is a diversified company in water infrastructure, flow control and water transmission products. The company is a producer of metallurgical coal and natural gas for markets throughout the world. It also handles homebuilding and financing as well. Founded in 1946, the company had approximately $1.5 billion in 2004 revenues. Walter Industries is headquartered in Tampa, Fla., where it employs nearly 5,500 people. It is a publicly owned company that is traded on the New York Stock Exchange under the symbol WTL. Mid-State Homes is located in Tampa.