October 25, 2012
Berkshire Hathaway Inc. has won the auction for Residential Capital LLC's legacy loan portfolio with a $1.5 billion bid, one day after the bankrupt real estate finance firm sold its mortgage servicing and origination platform for $3 billion, ResCap said Thursday.
October 23, 2012
A New York bankruptcy judge on Tuesday denied several homeowners' request to form their own official committee in Residential Capital LLC's bankruptcy, finding that such a constituency would be redundant because the official committee of unsecured creditors covers homeowners.
October 18, 2012
A New York bankruptcy judge approved an amended key employee incentive plan Thursday for Residential Capital LLC, a plan that provides that payment of 40 percent of the award will be deferred until after a Chapter 11 plan is confirmed.
October 16, 2012
The judge overseeing Residential Capital LLC's bankruptcy denied on Friday a bid by the Federal Housing Finance Agency and several underwriters to conduct immediate discovery of three ResCap affiliates in a $6 billion fraud suit over residential mortgage-backed securities.
October 10, 2012
Ally Financial Inc. loan servicing unit Residential Capital LLC is set for a pushed-back Jan. 14 start date for a trial over its proposed $8.7 billion settlement with 392 securitization trusts over residential mortgage-backed securities after a New York bankruptcy judge approved scheduling matters Wednesday.
October 02, 2012
Ally Financial Inc. objected Friday to bankrupt unit Residential Capital LLC's proposed sale of its mortgage servicing platform to Nationstar Mortgage LLC, saying it could conflict with a deal among Ally entities, the Federal Reserve Board and the Federal Deposit Insurance Corp.
September 27, 2012
Third-lien bondholders of Residential Capital LLC have dropped their support for the Ally Financial Inc. unit's Chapter 11 plan in order to preserve their ability to capitalize on bond-trading, freeing Ally from subordinating its recovery by $350 million, the parent announced Thursday.
September 25, 2012
Residential Capital LLC's official committee of unsecured creditors asked a New York bankruptcy judge Tuesday to compel a law firm to produce communications related to a proposed $8.7 billion settlement with 392 securitization trusts over residential mortgage-backed securities.
September 24, 2012
Homeowners seeking a borrowers committee in Residential Capital LLC's bankruptcy countered the debtor's protests Friday, saying ResCap is wrongfully presuming them sophisticated creditors able to represent their own interests in a Chapter 11 case.
September 11, 2012
A New York bankruptcy judge threatened Tuesday to kick a settlement hearing on residential mortgage backed securities issues in loan servicer Residential Capital LLC's fast-tracked Chapter 11 case to the beginning of next year if the company and its creditors cannot resolve their discovery issues.