ResCap Finds Buyer for $1.5 Billion in Portfolio Loans

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Just one day after disclosing the potential sale of its origination and servicing platforms, Residential Capital LLC said it has accepted a bid to unload tens of thousand of portfolio mortgages.

ResCap announced Wednesday that it accepted a bid for Ocwen Loan Servicing LLC and Walter Investment Management Corp. to acquire its mortgage servicing and origination platform assets for $3 billion.

The sale is being made as part of ResCap’s Chapter 11 Bankruptcy, which was filed in May.

On Thursday, New York-based ResCap announced that it approved a bid for Berkshire Hathaway to acquire its whole-loan portfolio for $1.5 billion.

The sale includes around 47,000 mortgages.

The transaction is subject to definitive documentation and bankruptcy court approval, among other things.

A bankruptcy court approval hearing is scheduled for Nov. 19.

Berkshire, which is led by billionaire Warren Buffet, already owns commercial real estate lender Berkadia Commercial Mortgage LLC and manufactured housing lender Vanderbilt Mortgage and Finance.

Mortgage Expert

Mortgage Daily Staff



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