Berkshire Hathaway Will Snag ResCap Portfolio

Posted by Orb Staff on October 26, 2012 No Comments
Categories : Residential Mortgage

Residential Capital LLC (ResCap), a unit of Ally Financial Inc., has approved a $1.5 billion bid from Berkshire Hathaway for the purchase of ResCap's whole loan portfolio. The bankruptcy court administering the ResCap case will look at the deal in mid-November. Final approval of the sale is subject to court approval.

The portfolio comprises approximately 47,000 loans. Centerview Partners LLC and FTI Consulting are acting as financial advisors to ResCap, and Morrison & Foerster LLP is acting as legal advisor to ResCap. Morrison Cohen LLP is advising ResCap's independent directors.

Earlier this week, ResCap gave preliminary approval of a $3 billion bid from Ocwen Loan Servicing LLC and Walter Investment Management Corp. for ResCap's mortgage servicing and origination platform assets.

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