Residential Capital, LLC (ResCap) has completed the sale of a whole loan
portfolio, made up of approximately 28,000 whole loans, to Berkshire
Hathaway. The United States Bankruptcy Court, Southern District of
Manhattan had approved the sale of the assets last November.
The sale of ResCap’s originations and capital markets platform to Walter
Investment Management Corp. was completed last week. The Court-approved
sale of ResCap’s servicing platform and related assets to Ocwen Loan
Servicing, LLC is still pending completion.
Centerview Partners LLC and FTI Consulting are acting as financial
advisors to ResCap. Morrison & Foerster LLP is acting as legal advisor
to ResCap. Morrison Cohen LLP is advising ResCap’s independent directors.
About Residential Capital (ResCap)
Residential Capital, LLC is one of the largest originators, sellers and
servicers of residential mortgage loans in the United States. ResCap is
a wholly owned subsidiary of Ally Financial Inc. ResCap conducts certain
of its mortgage operations through GMAC Mortgage, a wholly owned
subsidiary that is not affiliated with General Motors. ResCap is an
approved Fannie Mae and Freddie Mac servicer and approved issuer for
ResCap is a leader in facilitating mortgage refinancing and mortgage
modifications through HAMP and other government programs. At March 31,
2012, ResCap was servicing over 2.4 million mortgage loans, with an
aggregate unpaid principal balance of approximately $374 billion. Of
these, approximately 68% of the loans (by unpaid principal balance) are
owned, insured or guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
Since 2008, GMAC Mortgage has executed over 784,000 default workouts for
borrowers. GMAC Mortgage is a leading HAMP participant and has effected
more than 51,000 permanent HAMP modifications to date. GMAC Mortgage was
the first major originator of loans to roll out the Treasury’s HAMP 2.0
program. ResCap’s executive offices are located in New York City, and it
has major operations in Fort Washington, Pennsylvania, Minneapolis,
Minnesota, Waterloo, Iowa, Dallas, Texas, and Burbank, California.