Reuters: Bankruptcy News: Judge approves sale of Residential Capital assets

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Judge approves sale of Residential Capital assets Nov 21st 2012, 14:21 Wed Nov 21, 2012 9:21am EST Nov 21 (Reuters) - A U.S. bankruptcy court judge on Wednesday approved the sale of Residential Capital LLC's mortgage business to Ocwen Financial Corp and Walter Investment Management Corp, which agreed to pay $3 billion in an auction last month. ResCap, the mortgage subsidiary of auto lender Ally Financial, filed for bankruptcy in May in a bid to protect its parent from mortgage liabilities that threatened to swamp the company. Ally is 74 percent-owned by the U.S. government after a series of bailouts. U.S. Judge Martin Glenn also approved the sale of a ResCap loan portfolio to Warren Buffett's Berkshire Hathaway Inc , which agreed to pay $1.5 billion last month for a package of 50,000 loans. ResCap said the sale is expected to close in the first quarter.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions