Walking is my favourite exercise.
I walk moderately brisk 6km/hr, one hour/session for every weekday morning and rest on weekends by doing other activities, sometimes, biking or shopping or nothing.
You will burn fat equally all over when you exercise and lose weight.
Don't over-walk. But by over exercising one portion of your body, for example, your legs, you will of course build muscles.
The end result is bulky legs, not fat legs. I am not sure which is worse.
Swing your arms along as you walk. This will increase your energy consumption by 30% more. You lose weight and not gain bulky muscles. It is a good deal.