ResCap listed assets of $15.7 billion and debt of $15.3 billion in a petition filed today in U.S. Bankruptcy Court in Manhattan . ResCap?s Chapter 11 filing is the biggest so far this year, based on liabilities, according to data compiled by Bloomberg.
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Ally?s ResCap Files Bankruptcy, Plans Sale to Fortress
Posted by mortgage 4 hours ago (Editorial)
New Record Low Set By Fixed Mortgage Rates According to ForTheBestRate.com
Posted by mortgage 4 hours ago (Editorial)
ForTheBestRate.com announces that fixed rate mortgage pricing reached a new historic low point with average 30 year fixed pricing falling even farther below 4 percent.Wilmington, NC (PRWEB) May 22, 2012 Mortgage rates for fixed rate home loan programs fell for the fourth consecutive week, dropping on average to new record lows, reports mortgage rate research website, ForTheBestRate.com. On ...
Mortgage Lender ResCap Files Ch.11; To Sell All Assets
Posted by mortgage 6 days ago (Editorial)
Residential Capital LLC, known as ResCap, a subsidiary of Ally Financial Inc. and the fifth largest mortgage originator and servicer in the country, filed for Chapter 11 protection along with 50 of its subsidiaries listing assets of $15.7 billion Only Bank of America, JPMorgan Chase, Wells Fargo Bank and CitiMortgage service more mortgage loans than ResCap, which services more than 2.4 million ..
Mortgage Lender Residential Finance Corp. Explains Benefits of HARP 2.0
Posted by mortgage 6 days ago (Editorial)
When June Snow first looked into refinancing her interest-only mortgage, she was told it would be impossible because the value for her three-bedroom, two-bath ranch style home was not in the necessary range.
Fifth lender joins government mortgage scheme
Posted by mortgage 7 days ago (Editorial)
A fifth bank has joined the government?s mortgage indemnity programme for buyers of new-build homes.
GM interested in buying foreign operations of lender Ally Financial
Posted by mortgage 7 days ago (Editorial)
Ally Financial Inc.'s troubled mortgage unit Residential Capital LLC filed for Chapter 11 bankruptcy early today as the Detroit-based auto lender said it may sell its international businesses.
Bankruptcy Aims To Free Ally of Bad Mortgage Assets After Auto Rescue
Posted by mortgage 7 days ago (Editorial)
Ally Financial, which still owes the government about two-thirds of the $17.2 billion in emergency loans it received as part of the General Motors and Chrysler rescues, nudged its residential mortgage subsidiary into Chapter 11 bankruptcy today to shed toxic mortgage-related securities.
Former GM mortgage unit files for bankruptcy in the US
Posted by mortgage 7 days ago (Editorial)
ResCap, the subprime mortgage lender that was once owned by the US car giant General Motors, filed for bankruptcy protection yesterday in a move that is expected to help its parent company, Ally Financial, focus on its main car lending business and put together a plan to pay back billions to US taxpayers.
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