Reuters: Bankruptcy News: Nationstar, Ocwen, Walter expected to bid for ResCap-sources

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Nationstar, Ocwen, Walter expected to bid for ResCap-sources Oct 19th 2012, 17:38 By Jessica Toonkel and Rick Rothacker Fri Oct 19, 2012 1:38pm EDT Oct 19 (Reuters) - Nationstar Mortgage Holdings Inc and a consortium of Ocwen Financial Corp and Walter Investment Management Corp are expected to make bids for Residential Capital LLC's mortgage business in a bankruptcy auction that begins next week, sources familiar with the situation said. Nationstar, a mortgage servicer majority-owned by Fortress Investment Group LLC, is the starting bidder for the mortgage business at $2.45 billion. Ocwen, another growing servicer, is teaming up with Walter for its offer, the sources said. ResCap, the mortgage unit of auto lender Ally Financial Inc, filed for bankruptcy in May in an effort to wipe out legal liabilities from mortgage-backed securities it sold during the housing boom. Bids are due by the end of business Friday for ResCap's mortgage platform as well as a portfolio of loans. The auction begins Tuesday at a New York hotel. Residential Capital and Ocwen declined to comment. Spokespeople for Nationstar and Walter could not be immediately reached.

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