ResCap (ALLY/GMAC) Wins Approval to Try to Sell Defaulted Loans

 

Assignment - Affidavit Slave

ResCap Wins Approval to Try to Sell Defaulted Loans

Residential Capital LLC, the bankrupt mortgage company whose parent is owned by the U.S. government, won court approval to try to sell a pool of defaulted loans with a balance of about $130 million.

The mortgages are the best of about $1 billion in bad loans that ResCap was forced to repurchase after borrowers quit paying, according to papers the company filed earlier this month in U.S. Bankruptcy Court in Manhattan.

ResCap “identified those loans that will be attractive to a number of prospective bidders, which are expected to result in the highest average market price for the loans sold,” the company said in the filing. ResCap picked about 650 loans that have the best information about the value of the homes.

ResCap, based in New York, filed for bankruptcy in May with plans to sell its major assets and resolve legal claims related to mortgage loans. The company is owned by Ally Financial Inc. (ALLY), a Detroit-based auto lender majority owned by U.S. taxpayers.

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Comments
4 Responses to “ResCap (ALLY/GMAC) Wins Approval to Try to Sell Defaulted Loans”
  1. leapfrog says:

    Paging Jeffrey Stephan to the white courtesy phone…fire up those signatures again, Jeff, and see if your good buddies, Linda Green and Tywana Thomas, are looking for any work.

  2. bobbi swann says:

    @ Pamela – you got that right! Once they sell the mortgage to a non-lender (collection agency) it invalidates the mortgage but I am sure that these low-lifes will continue to pursue legal litigation in the courts. So….file bankruptcy. You will be listing the debt as an ‘unsecured’ loan and get rid of it. Even Wells & BofA both filed in US courts that Fannie/Fannie can’t sue because they are not a lending institution. That pretty much clears the path, don’t ya think?

    • I filed 10 years ago never do that again.In our state the staute of limitations is 6 years started my mortgage in 2005 so I.m over the mark.When they call I’ll just tell them to go pound the pavement and refer them to the staute of our state and laugh at them.If they insist on bugging me I will file telephone harrassement charges which in our state carries felony charges and I will take the ding to my credit not going to play thier silly little games ever again.Have done this before and know it works in my state.No bankruptcy neccessary.That lasts 10 years as a ding to your credit.I’ll take 7 over 10.

  3. So unsecured credit is going to be sold to unsecured collection agencies as third party debt.This just gets more amusing as we go.Remeber to check your states statute of limitations and then when they call tell them they are over it and to go tell it to the mountains.It might ding your credit for 7 years but thats about the worst of it.

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