Residential Capital, LLC

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Case overview

Case Number:

1:12-bk-12020

Court:

New York Southern

Nature of Suit:

Firms

Companies

Government Agencies

Sectors & Industries:

February 19, 2013
ResCap Sets Aside $12.3M For Ambac's Sale Challenge

Residential Capital LLC told a New York bankruptcy court Friday that it had agreed to reserve up to $12.3 million for a potential settlement to satisfy Ambac Assurance Corp.'s objections to the sale of its mortgage loan origination and servicing platforms to Ocwen Financial Corp.
February 12, 2013
ResCap Wants Stroock Partner For Chief Restructuring Role

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
ResCap Examiner's Prebankruptcy Report Delayed Again

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
Ally CEO Threatens To Withdraw $750M ResCap Creditor Deal

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
Insurers Cry Foul Over $8.7B ResCap MBS Settlement

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
Bankruptcy Court OKs $298M ResCap-Fannie Mae Settlement

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
ResCap To Close $3B Mortgage Biz Sale By Mid-Feb.

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 Won't Block $3B Rescap Sale After $298M Settlement

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
ResCap $130M FHA Loan Sale Proceeds, But Protests Linger

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
US May Object To Proposed $130M ResCap Loan Auction

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.

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