Residential Capital, LLC

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Case overview

Case Number:

1:12-bk-12020

Court:

New York Southern

Nature of Suit:

Firms

Companies

Government Agencies

Sectors & Industries:

August 23, 2013
ResCap Borrowers Take $1.6B Haircut In Mortgage Settlement

A putative class of borrowers who took out mortgage loans from Residential Capital LLC agreed to a $1.6 billion haircut on their claims the lender had breached federal laws against high-cost loans, in a settlement given an initial nod by a New York bankruptcy judge Friday.
August 22, 2013
ResCap Bankruptcy Judge Delays Mortgage Settlement Ruling

The judge overseeing Residential Capital LLC's bankruptcy on Thursday said he would not make a ruling on a settlement to end a mortgage loan borrower class action because of potential interference it could have with nonsettling defendants in a related multidistrict litigation in Pennsylvania.
August 21, 2013
ResCap Judge Says He Will OK Disclosure Statement

A New York bankruptcy judge said Wednesday that he will approve Residential Capital LLC’s disclosure statement, allowing it to begin the process of soliciting votes for its Chapter 11 plan and eventually provide some recovery to creditors with the help of a $2.1 billion settlement.
August 19, 2013
ResCap's $597M FGIC Deal Scores NY State Judge's Blessing

Bankrupt Residential Capital LLC moved one step closer Friday to cementing a deal with Financial Guaranty Insurance Co. to slash the bond insurer's multibillion-dollar claims to $596.5 million after a New York state judge overseeing the insurer's rehabilitation signed off on it.
August 15, 2013
PNC Bank Challenges ResCap's $300M Mortgage Settlement

PNC Bank NA on Wednesday challenged a Residential Capital LLC unit's bid for approval of a $300 million settlement that would end a putative class action brought by mortgage loan borrowers, arguing that the deal would unjustly harm the bank.
August 13, 2013
Feds Again Get Nod For MBS Suit Against ResCap Affiliates

The Federal Housing Finance Agency may advance its lawsuit over mortgage-backed securities against affiliates of bankrupt Residential Capital, a federal judge in New York ruled on Monday, thwarting a second attempt to stay the fraud proceedings until ResCap emerges from bankruptcy.
August 08, 2013
Borrower Class Says $57M ResCap Set-Aside Isn't Enough

A class of residential mortgage borrowers on Thursday attacked Residential Capital LLC's Chapter 11 plan, saying it improperly aims to keep them from suing nondebtor entities and that the $57.6 million set aside for borrower claims isn't enough.
August 01, 2013
ResCap Settles Suit Over Mortgages With $300M Claim

A unit of bankrupt Residential Capital LLC on Wednesday sought court approval for a settlement that would end a putative class action brought by mortgage loan borrowers and reduce their $1.9 billion in claims to a $300 million allowed claim against the estate.
July 31, 2013
ResCap Suit Over Mortgage Servicing Deal Tossed In NY

A New York bankruptcy judge on Tuesday tossed a lawsuit brought by American Residential Equities LLC, trustee for purchasers of residential mortgage loans, accusing a Residential Capital LLC unit of failing to pay up under a servicing agreement, thus allowing the dispute to be handled in Florida.
July 30, 2013
Freddie Mac Attacks ResCap, FGIC Bankruptcy Deal

Freddie Mac on Monday urged a New York bankruptcy court to reject Residential Capital's recent deal with Financial Guaranty Insurance Co. to slash the bond insurer's claim against ResCap by nearly $5 billion, arguing the deal was not negotiated in good faith and would unfairly shortchange the mortgage giant.

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