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RESCAP 2013 Bankruptcy Examiner's Report -- #1 THE SUMMARY

RESCAP 2013 Bankruptcy Examiner's Report -- #1 THE SUMMARY

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Published by 83jjmack
ResCap and certain of its subsidiaries filed for bankruptcy on May 14, 2012. Prior to its bankruptcy, ResCap was the fifth largest servicer of residential mortgage loans in the United States, servicing
approximately US$374 billion of residential mortgage loans. ResCap anticipated a short stay in bankruptcy that would culminate in prearranged sales of its mortgage lending and origination business platform and
accelerated confirmation of a liquidating chapter 11 plan. The centerpiece of ResCap’s proposed plan was a settlement of all estate causes of action and third-party claims against ResCap’s parent, Ally Financial Inc., in exchange for a cash payment of US$750 million and certain non-cash contributions.

On June 26, 2013, US Bankruptcy Judge Martin Glenn, overseeing the chapter 11 case of Residential Capital, LLC (ResCap), unsealed a 1,900-page report produced by court-appointed examiner, Arthur J. Gonzalez.

ResCap and certain of its subsidiaries filed for bankruptcy on May 14, 2012. Prior to its bankruptcy, ResCap was the fifth largest servicer of residential mortgage loans in the United States, servicing
approximately US$374 billion of residential mortgage loans. ResCap anticipated a short stay in bankruptcy that would culminate in prearranged sales of its mortgage lending and origination business platform and
accelerated confirmation of a liquidating chapter 11 plan. The centerpiece of ResCap’s proposed plan was a settlement of all estate causes of action and third-party claims against ResCap’s parent, Ally Financial Inc., in exchange for a cash payment of US$750 million and certain non-cash contributions.

On June 26, 2013, US Bankruptcy Judge Martin Glenn, overseeing the chapter 11 case of Residential Capital, LLC (ResCap), unsealed a 1,900-page report produced by court-appointed examiner, Arthur J. Gonzalez.

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Published by: 83jjmack on Jul 14, 2013
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