February 12, 2013
Residential Capital LLC asked a New York federal bankruptcy judge on Monday for permission to appoint Stroock & Stroock & Lavan LLP partner Lewis Kruger as the bankruptcy's chief restructuring officer, in part to address creditor tensions over a $750 million settlement with parent company Ally Financial Inc.
February 07, 2013
As Residential Capital LLC continues to claw its way toward a bankruptcy exit, a report examining the mortgage service provider's controversial prebankruptcy transactions has been delayed until at least May, a court-appointed examiner said at a hearing Thursday.
February 05, 2013
The CEO of auto lender Ally Financial Inc. told investors Tuesday that the company was prepared to withdraw its $750 million pre-petition settlement with creditors of its bankrupt mortgage servicing arm Residential Capital LLC if they can't "expeditiously" agree to the settlement terms.
February 04, 2013
Bankrupt Residential Capital LLC's insurer-creditors on Friday blasted its proposed $8.7 billion settlement with 392 securitization trusts over warranty breaches tied to residential mortgage-backed securities, saying the deal was designed to protect the interests of the mortgage company's parent Ally Financial Inc.
January 31, 2013
A New York bankruptcy court on Thursday signed off on Residential Capital LLC's $298 million settlement with Fannie Mae for losses allegedly caused by a May bankruptcy filing, allowing ResCap to close a portion of the $3 billion sale of its mortgage servicing and origination platform.
January 29, 2013
Residential Capital LLC on Tuesday told a New York bankruptcy judge that it expects to close the $3 billion sale of its mortgage servicing and origination business to Ocwen Financial Corp. by Feb. 15 after weeks of smoothing out various protests to the deal.
January 24, 2013
Fannie Mae agreed Wednesday to withdraw its objection to bankrupt Residential Capital LLC's proposed $3 billion sale of its mortgage servicing and origination platform to Ocwen Financial Corp., after the parties struck a $298 million settlement.
January 16, 2013
The U.S. government's concerns over Residential Capital LLC's proposed sale of a $130 million loan portfolio insured by the Federal Housing Administration will live another day after a New York bankruptcy judge approved ResCap's auction procedures Wednesday but held off on ruling on the sale itself.
January 11, 2013
U.S. Attorney Preet Bharara told a New York bankruptcy court Thursday that the government may object to a proposal by bankrupt Residential Capital LLC to auction off $130 million worth of loans insured by the Federal Housing Administration, saying such a sale may extinguish its debt setoff rights tied to the loans.
December 20, 2012
A New York bankruptcy judge granted Residential Capital LLC more time with the exclusive right to file a Chapter 11 plan Thursday, saying that the case is extremely complicated and that a great deal of work still needs to be done.